Studies show that people are getting married much later in life. The average age of newlyweds is currently In the s, it was closer to 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.
The flip side of getting married later in life is that many engaged individuals also have considerable debts. Many young people also have car loans, credit card debts, and mortgages.
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.
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. Skip to content. How Common Are Prenups? Pros and Cons of a Prenup Signing a prenuptial agreement can be a smart financial decision for some, or a cause for trouble for others.
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How to retire early. How to open an IRA. IRA CD rates. Best ways to save for retirement. Best mortgage lenders. Best mortgage refinance lenders. Average refinance closing costs. Average mortgage rates. After finally having been granted the same legal marital rights as opposite-gender couples, many same-sex couples have taken advantage of the ability to get married with a premarital agreement to protect their interests, increasing the popularity of the prenup.
Notably, more than half of the matrimonial attorneys who responded to the AAML survey also reported an increase in the number of Millennials requesting prenuptial agreements. Millennials in particular are choosing premarital agreements as the preferred option to protect separate property holdings, business interests, and to avoid potential alimony disputes.
There is a longstanding misconception that prenups are only for wealthy individuals seeking to avoid alimony. The Millennial generation is shifting the paradigm and finding that prenuptial agreements are valuable for most income levels, especially if either spouse has school loans, business debt, or been married previously. They tackle the agreement as a team as part of their wedding planning and get married with confidence.
Millennials are getting married later than previous generations. In , the average American woman first married at age 21 and the typical American man wed at By , those figures climbed to 27 for women and age
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