Millennials do many things differently than their parents and the generations before them, including their approach to relationships and finances. In fact, this specific generation is drastically changing up how they look at marriage, divorce and sharing financial responsibilities. By waiting longer to get married and often opting for prenuptial agreements, they are even changing what it looks like to get divorced.
Some Texas couples may decide that drafting a prenup is not necessary because they are not wealthy. What many do not realize is that these agreements can do much more than just decide what will happen to marital property if a couple divorces. Millennials may not be exceptionally wealthy, but they often use these agreements to outline how they will divide their debt if they split up.
A survey of family law attorneys noted that lawyers have noticed an approximate 50% increase in the number of millennials seeking prenuptial agreements before walking down the aisle. It’s possible they wait longer to marry and are more likely to draft a prenuptial agreement because many may have witnessed their parents’ divorce growing up. In these prenups, younger couples can also address wealth they expect to earn over the course of their lifetime.
A prenuptial agreement can save time and money in the event of a divorce. Millennial couples in Texas frequently use these contracts to protect their financial well-being and future stability, giving both parties peace of mind as they enter marriage. This perspective has changed how younger couples view divorce and when they decide to legally formalize their relationship through marriage.