Seven Reasons Every Couple Should Consider a Prenup
If you are getting married, chances are the topic of a prenuptial agreement may have come up. The fact is, a prenup and postnuptial agreement are gaining in popularity, and not just for high-asset couples. Prenup agreements have become increasingly common, especially among Millennials. Here are seven reasons these agreements are growing in acceptance.
People are Getting Married When Older
The average male is now nearly 30 years old upon getting married for the first time. Women average nearly 27 when tying the knot. This means that many are well into their careers and may even have purchased real estate. Retirement plans are being funded, and assets are growing. Prenup agreements are one way these premarital assets can be protected.
They Lay a Financial Foundation
Couples should be financially transparent when preparing a prenup. This allows a full understanding for both as to their assets and debts. This can lay the foundation for building a solid financial future and determining how future earnings and debts will be handled. This clarity can be very beneficial to newlyweds.
It Can Protect Business Assets
A prenuptial agreement can serve to set aside business assets that one or the other may own. Even what may appear to be a small business at the time of marriage could blossom significantly or even be purchased by a larger company.
It Can Protect an Inheritances
If there has been a recent inheritance by one party or the other, or one may be anticipated in the future, a prenuptial agreement can protect it. When handled correctly, an inheritance is not considered a marital asset and can be set aside in a prenup or postnup.
It Suits a More Modern Lifestyle
Many couples are quite comfortable earning their own incomes and paying their own personal bills. A prenuptial agreement can specify how this will be handled in the future. This can impact everything from income to furniture and collectibles.
It Can Address the Issue of Alimony
Some husbands and wives have incomes that are closer together than in previous generations. This could potentially make alimony unfair and unnecessary. Alimony is being addressed in more and more prenup and postnup agreements, removing a huge point of contention in a dissolution.
Prenups are Common Sense
Couples are recognizing the practicality of legal agreements that can protect their assets. Many young couples have learned expensive lessons from the failed marriages of their parents. They are recognizing that the relatively simple process of a prenuptial agreement can resolve some difficult potential challenges in the future.
In 2010, it is estimated that only 3% of couples were married with a prenup agreement. In just over ten years, that number has risen fivefold to 15%. What is perhaps more telling is that estimates say 40% of couples between the ages of 18 and 35 are getting prenuptial agreements prior to marriage.
There is no question that prenuptial agreements are becoming more commonplace. But how do you get started? For those in the Tampa, Florida area, we encourage you to reach out to us. Your initial consultation is at no fee. We look forward to assisting you.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at firstname.lastname@example.org.
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.