It’s common for those who are getting married later in life to be a little apprehensive about this big life change. Especially for those who are jumping into a second or third marriage, it’s clear what’s at risk if things don’t work out.
However, many adults who are 35 years or older still fear they’ll “jinx” or risk a marriage if they arrange a prenuptial agreement. Yet, as evident by Millenials, the prenuptial agreement has become far less taboo today.
What exactly is a prenup?
A prenuptial agreement, or prenup for short, is a legal document prior to a marriage that a couple can have set up to determine the division of property if the marriage ends in divorce. If one spouse comes into the marriage with significant debt, a prenup can protect the other spouse from having responsibility with that debt after the marriage.
A prenup will not typically include assets that are accumulated while married since you willingly entered into the marriage where you both legally joined together as one. This includes assets.
What have millennials figured out about prenups?
There is no hard-evidence to look at as to why millennials covet prenups more than any other generation, but one of the best guesses can lie in their upbringing. If a millennial had come from a home where the parents stayed together, they probably saw many members of extended family and friends go through divorce. Otherwise, millennials came from homes of divorce and every millennial can easily see the divorce rates still range above 40 percent.
If it is not assets, what is it?
Another reason millennials are turning to prenups, they want to protect intellectual property. Most young people do not have the kind of significant assets that would have them considering a prenup, but they do have intellectual property they want to protect. Many millennials are dreamers and thinkers and may want to protect a business idea or some other plan that has not come to fruition yet.
Social media and prenups
A prenup is also something you can use to protect yourself from a spouse who may use social media or other public outlets to badmouth you after a divorce. Millennials clearly know that this is one of the main ways for their generation to communicate, and if you hold an important position, you may need to protect against any public comments or shaming.
Should you get a prenup?
Regardless if you are a millennial or have significant gray hair, a prenup is something you should consider. A prenup may be useful just for protection against your spouse’s significant student loan debt, or from the large amount of assets you currently own that can include, antiques, memorabilia or personal items of value.
If you are worried about a prenup hurting the romance and love you both have built up, you can consider a prenup to be a learning experience for marriage. A prenup will ask that you both work together and develop valuable negotiating skills that may be an integral part of your upcoming marriage.