Young or old, single individuals in Texas and elsewhere are likely thrilled to announce that they are getting married. But next comes the stressful step of planning and preparing for the wedding. One step in the wedding prep process is growing in popularity. Because we do not know what the future will bring, including a prenuptial agreement is a great way to protect oneself in the event of a divorce.
Why are so many millennials getting prenups? This legal document that outlines how assets will be divided in the event of a divorce is being requested more and more by engaged millennials. One reason for this is the fact that millennials are marrying later than previous generations. This means that they have had years to build up assets and debt.
When a person marries in their early 20's, there is less concern about assets, as they likely are not bringing much to the table; However, when a person is in their 30's, this is an entirely different story. Another reason for the influx is the change in work force. For example, in the 1980's, only 13 percent of women made half of the couple's income. Today, that number has tripled.
Because there is more to protect and a concern for divorce, as the rate remains around 50 percent, it is important to consider what is the best step to take. Drafting a prenuptial agreement is not easy; however, it can be a very beneficial step to take to ensure one's assets are protected.