While some people feel hesitant about bringing up or agreeing to a prenuptial agreement, more are discovering the benefits of these financial planning tools. One generation and one demographic are the reasons for an increase in prenups: Millennials and women in Texas and other states are wanting prenups.
More couples are talking about a prenuptial agreement, especially millennials and women who want clear expectations about money before marriage. This article explains prenup benefits, what to include in a prenup, how to protect separate property and address debt protection in marriage, and when a business owner prenup makes sense—so Dallas couples can plan with confidence and know when it’s time to speak with a Dallas prenup lawyer.
Millennials:
According to an American Academy of Matrimonial Lawyers survey, 62% of attorneys questioned said that more people are requesting prenups, and about 51% attributed the increase to millennials. The millennial generation includes individuals born during the years of 1981 to 1996, so today people between the ages of 22-37 are the ones requesting more prenups than their predecessors.
Compared to past generations, millennials get married later. This gives this group more time to gain assets, and creates a greater incentive to safeguard those financial assets. This generation is also more tech savvy and worldly-wise, and the subject of a prenup is not as “taboo” as it once was; it is often seen as a smart decision that protects both parties, which is true.
For go-getter entrepreneurial millennials who start up businesses, issues regarding property and business ventures may be especially relevant. Even if a business started before the couple wed, it may not be considered separate property if the business reorganized after the marriage or if the couple invested community property assets in the company. A prenup may help prevent future feuds about business assets.
Women:
Additionally, more women are achieving financial success on their own prior to marriage, and are wanting prenups to protect the assets they’ve accumulated. As more women focus on building careers, sometimes even out-earning the men they are with, these women could also later become potentially responsible for alimony payments. Approximately 45% of attorneys surveyed in another AAML study found an increase in the number of women providing alimony for their partners. This is another reason that an increased number of women want prenups.
Prenups have power:
A prenup can also:
- clarify and protect separate property that belongs to each party, including family heirlooms and inheritance,
- protect a spouse’s right to inherit the other’s property if they die, and
- provide or limit access to government benefits, life insurance policy benefits, or retirement benefits.
Discussing these financial issues prior to marriage can actually reduce the stress of the unknown future, and build a foundation of mutual understanding as to the handling of each party’s assets. If you’d like to explore the benefits of a premarital agreement, give Hargrave Family Law a call; we’re here to help.
Compassionate Dallas Prenuptial Agreement Attorney, Jennifer Hargrave
Dallas Divorce Resources
- Prenuptial Agreement Benefits
- Collaborative Premarital Agreements in Texas
- Should Business Owners Consider a Prenup?
- Are There Drawbacks to Signing a Prenup?
- What Is a Premarital Agreement?
- Answering Premarital Agreement Questions
- Cohabitation & Common‑Law Marriage
- Cohabitation Agreements
- Find a Dallas Prenuptial Agreement Lawyer
Don’t Face This Alone – We’re Here to Help
Hargrave Family Law – Compassionate Prenup Lawyers
Hargrave Family Law was founded by Dallas divorce lawyer Jennifer Hargrave with a strong mission in mind. Using non-adversarial techniques, our firm advocates for you during this challenging life transition in a way that helps you protect what matters most. Reach out to our team of compassionate Dallas divorce lawyers at Hargrave Family Law for the support you need to navigate divorce and other family law matters. We offer a complimentary case evaluation to start your journey with us. Together, we will work towards safeguarding the happiness and well-being of your family, allowing you to write your next chapter with hope.
