Prenuptial agreements are not just for celebrities or the upper class. Young couples are changing the prenup game, and it's time more people stopped to take note.
Why Are More People Getting Prenups?
Couples, especially millennials, are getting prenups at a higher rate than previous generations – why? For starters, an unpredictable economy makes a prenuptial agreement necessary for many couples. From the housing crisis in 2008 to skyrocketing inflation in a pandemic economy, people are planning for their future when the future is uncertain.
Another reason why young couples are getting prenuptial agreements investments. Millennials are making money moves on the stock market, through cryptocurrency, and in the new world of NFTs. High-yield investments and fewer mortgages give many people more financial flexibility. These couples use prenups to ensure that their assets are secure to protect their valuable investments.
While there are more opportunities to invest than ever, most people in their 20s and 30s are saddled with debt. The most common type of debt for young people is student loans, but medical bills and business loans also add to the financial burden.
So, how does prenup solve these issues, and how do you get a prenup?
More Than Money
Prenuptial agreements have many benefits outside of asset protection. One of the reasons why prenups are misunderstood is that most people think of them only in the context of finances, but there's a lot more to the process than meets the eye. While no legal agreement or contract is for the weakhearted, prenups have far more benefits than drawbacks and are worth their weight in gold.
One often overlooked benefit of a prenup has little to do with the agreement at all. Talking about finances, especially debts, before marriage is complicated. You don't want to scare away your potential spouse with hundreds of thousands in student loan debt, and they don't want to walk away because of their financial burdens.
These feelings are understandable, and without good communication, many couples break under the stress of financial hardship either before the wedding or well into the marriage. By introducing the idea of a prenuptial agreement, couples can have hard conversations about money in a more constructive way.
Another critical benefit builds off of a statement in the paragraph above. Some couples crumble under the stress of financial hardship either before the wedding or several years into the marriage. Many young people understand that divorce may happen despite your best efforts. Sometimes things don't work out, or other factors in play make continuing the relationship impossible.
That is not to say that signing a prenup signals your belief that the marriage will deteriorate eventually. Prenuptial agreements protect what matters and lay a legal groundwork for legal issues that may arise later on. Prenups make divorce settlements somewhat easier, but they also provide an introduction to estate planning – an essential part of life.
Takeaway
Prenups may seem like a romance killer, but having meaningful conversations about your goals is crucial to a successful marriage. However you look at it, marriage is a contract, and any lawyer worth their salt will tell you not to enter a contract unless you've read the terms.
Getting the uncomfortable and potentially contentious conversations out of the way early on means you both are fully aware of your financial position going into marriage. There won't be any surprises regarding assets or debts, and you can rest assured that both of you are on the same page.
Prenuptial agreements are so much more than an itemized list of valuables. They can be a bridge to healthy financial discussions and a way to protect material things that matter to you. These days, prenups are not just for the rich and famous – they are for people like you.
Interested in a Prenup? DeTommaso Can Help
At DeTommaso Law Group, LLC, we understand how complex relationships can be and how quickly hardships can change everything. That's why our firm offers various legal services to ensure that we meet our client's needs at any stage of their relationship.
Our award-winning team has over 125 years of combined experience with family law and divorce matters. We put our clients first and are prepared to fight aggressively for their goals.
Entrust your case to a law firm that puts you first. Contact DeTommaso Law Group, LLC today to find out how we can fight for you.