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More Millennials and women want prenups

While some feel hesitant about discussing or agreeing to a prenuptial agreement, more people are warming to these financial planning tools. In particular, one generation is the reason for an increase in prenups: Millennials in Texas and other states are signing more prenups.

According to an American Academy of Matrimonial Lawyers survey, 62 percent of attorneys questioned said that more people are requesting prenups. About 51 percent attributed the increase to millennials. The millennial generation includes individuals born during the years of 1981 to 1996, so people between the ages of 22 and 37 are the ones requesting more prenups than their predecessors.

Compared to past generations, millennials get married later. This gives the group more time to gain assets and creates a greater incentive to safeguard financial assets. Additionally, more women are achieving financial success and asking for prenups.

As more women focus on building careers and sometimes earn more than the men they are with, these women may become responsible for alimony payments. Approximately 45 percent of attorneys surveyed in another AAML study found that there was an increase in the number of women providing alimony for their partners. This could be another reason that an increased number of women want prenups.

Prenuptial agreements are a way to protect separate property like business interests, family inheritances, and real estate. As people marry later and have more assets, issues regarding property and business ventures may be especially relevant. For example, each spouse might have a claim to one partner's business if the company was formed after the marriage began. 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.

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Hargrave Family Law Jennifer S. Hargrave, P.C.

Hargrave Family Law
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Dallas, TX 75244

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