Prenuptial marriage agreements have been increasing in recent years, particularly among millennials. These legal contracts can save partners a lot of time and money if their marriage ever ends in a divorce or if one spouse unexpectedly passes away. The benefits of creating and signing these agreements before marriage are that you will not have to go through a lengthy divorce trial since you have already agreed to the terms of ending the marriage ahead of time. If you have questions about this process, be sure to talk to a Tennessee Family Law lawyer.
Why Millennials Favor Prenups
Over the past several years, marriages have been seen in different ways with an overall decrease in marriage. Some people avoid marriage because of stories they have heard about divorce, but now that prenuptial agreements are growing in popularity, marriage is seen by some as safer. Now that a backup plan can be made to prepare for the worst-case scenario, millennials may have fewer concerns about the potential for a tedious divorce process.
Some think the increase in prenuptial agreements in younger adults is a result of waiting longer for marriage and a desire to protect years of built-up financial assets. This makes sense considering that most millennials go to college, which tends to delay settling down with a family and finishing college often means paying for high student debts afterward. Protecting your financial assets by planning ahead would become a priority for almost anyone is this situation.
There have also been increases in divorces throughout the United States that many young adults may have dealt with while growing up with their parents. Experiencing this first-hand can motivate people to plan ahead to avoid a complex divorce.
How Prenups Can Benefit You
With all this information on millennials seeking prenuptial agreements, you may be wondering what prenups can do for you and why so many people seem interested in them. The benefits of prenups involve making decisions of property division, alimony, and the division of debts or other financial assets that would come with a divorce. In the long run, this can prevent stress, conflicts, money loss, and time.
Once this agreement is made and signed by you and your partner, this contract can hold up in court. However, with almost any legal agreement, there are some exceptions. Prenups may be changed or broken if you or your spouse hire a lawyer, the contract reveals fraud, coercion was involved, or the contract is deemed as unfair.
Family Law Lawyer in Tennessee
Creating a prenuptial agreement by yourself can be difficult. You may also be in a situation where you want to modify a prenup. To speak with a Family Law lawyer in Tennessee contact Davis Law Firm at (865) 354-3333. We are located in McMinnville, Johnson City, Sparta, Kingston, Crossville, Cookeville, and the surrounding areas. One of our family lawyers will work with you in the event of a legal conflict with your spouse, a divorce, or if you need to create or defend a prenup.