As younger generations grow older, the way marriage is defined changes. While same-sex marriage is now legal, even what was once considered “traditional” marriage has evolved over time. For example, in the vast majority of cases, it used to be that a man worked outside of the home to earn an income while the wife stayed at home to take care of children and take care of other matters at home. In these instances, it wasn’t uncommon for marital agreements to be entered into as a way for the parties to protect their financial interests. However, these situations carried an imbalance of financial power, which made prenuptial agreement negotiations challenging.
Now, though, millennials are getting married at a later stage in life and viewing prenuptial agreements as a business arrangement. One reason for an increase in prenuptial agreements amongst millennials is the fact that many of them saw their own parents get divorced. This is causing these young people to realize that divorce is a very real possibility.
Therefore, millennials who are about to get married should carefully consider whether a prenuptial agreement is right for them. Generally speaking, those who own property, have children from another relationship, have large retirement accounts, carry a significant amount of debt and those who plan to take time off from work to raise a family may benefit the most from such an agreement.
Of course, these agreements can be a difficult topic to bring up with a loved one. The matter should be brought up early, though, so as to avoid any surprise. If you are considering a prenuptial agreement or your loved one has proposed one, it may be time for you to discuss the matter with a skilled family law attorney who can help you negotiate terms that are fair while protecting your financial interests and your relationship.
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