Top Reasons Why Prenuptial Agreements Are Becoming More Popular Among Young People

 Posted on October 14, 2021 in Family Law

For decades, misconceptions about prenuptial agreements have confused and misled engaged couples. News stories about last-minute celebrity weddings and divorces have led many to believe that prenups are only for the ultrarich or for couples who do not take their wedding vows seriously. Fortunately, these misconceptions are slowly being replaced by the truth that prenuptial agreements are a valuable legal tool for any engaged couple.

Estimates place the divorce rate between 40-50 percent. More and more couples recognize that no one can predict the future and that preparing for the possibility of divorce is an important part of being financially responsible. Prenuptial agreements have increased in popularity among younger couples for several reasons.

Young Couples Understand That There is Always a Chance of Divorce

The last thing a couple wants to think about when they are planning their wedding is the possibility that they will eventually divorce. However, statistics do not lie, and many marriages do ultimately end. Many couples understand that preparing for this possibility does not doom the marriage to failure, just as carrying car insurance does not increase the chances of a car accident.

Spouses Are Interested in Protecting Hard-Earned Assets

Studies show that people are getting married much later in life. The average age of newlyweds is currently 32. In the 1950s, it was closer to 20. Because people are getting married later in life, they often already own significant assets. Business owners and spouses with high-value assets such as real estate are interested in protecting these assets in the event of divorce or the death of a spouse.

Many Young People Are Saddled with Debt

The flip side of getting married later in life is that many engaged individuals also have considerable debts. The average student loan debt for recent graduates is approximately $30,000. Many young people also have car loans, credit card debts, and mortgages. A prenuptial agreement can protect a spouse from being responsible for his or her spouse’s debt after divorce.

Stay-at-Home Parents Want Financial Security

Consider the following situation: You and your partner decide that you will sacrifice a career in order to stay home and raise your children. After many years as a stay-at-home parent, you get divorced. You are now entering the workforce without the job skills or education needed to be financially self-sufficient. This type of situation happens to women and men every day. One way to protect your financial future as a stay-at-home parent is to include a provision in your prenuptial agreement ensuring your access to spousal maintenance or alimony after a divorce.

Contact a Cook County Family Law Attorney

If you are interested in learning more about how a prenuptial agreement can benefit both you and your soon-to-be spouse, contact the Law Office of George J. Skuros. Chicago family lawyer George J. Skuros has over 30 years of experience. He can help you draft a strong prenuptial agreement that protects your interests. Call 312-884-1222 for a confidential, free consultation.

Sources:

https://www.wsj.com/articles/millennials-embrace-prenupsbut-through-a-very-different-lens-than-in-the-past-11611252036

https://www.usnews.com/education/best-colleges/paying-for-college/articles/see-how-student-loan-borrowing-has-risen-in-10-years

https://www.businessinsider.com/why-sign-a-prenup-marriage-divorce-2018-9 https://www.weddingwire.com/wedding-ideas/marriage-age