Why Millennials want a prenuptial agreement.
The reasons for the Rise of Prenuptial agreements for Millennial couples
When it comes to a relationship, millennial couples are really getting a worse rap for redefining or ruining their relations. There is a way too popular misconception that premarital agreements are only for the rich ones. However, the financial crises in the country along with the increasing rate of divorce enhances the importance of signing prenups. This must be written prior to choosing to get married. As well as filed in Thailand when you register your marriage. Millennials are considering signing prenup as a source of protection, especially those who fear divorce. Here are thoughts on prenup for millennials
What is a prenup?
A prenuptial agreement or prenup is basically a legally binding contract that is produced before marriage, detailing how the assets lying with the couples would be divided at the time of uncertainty. It basically helps in managing the expectations of the two at the time of separation. Hence, it is the law of the state that determines what will happen in the future when the two decides to split.
Signing a prenup prior to marriage is a security for the rights over the issues during the time of divorce.
So wondering about signing the prenuptial agreements? With divorce soaring in developed countries, the rate of divorce is greater than 50% in some of them. This is why more and more people are signing the premarital agreement prior to getting ready for their big day. But it’s still not really a decision that can be taken too lightly if any of the reason below applies to you;
- Partner with a greater stake than the other
They say love is in the air and can happen to anyone at any place. Undoubtedly there is nothing such as rich or poor. But when it comes to marriage, the relationship adds both love and compromise. Hence, the differences between the spouses with regards to the tangible values make prenups worth considering. If you own your own property or you are the owner of any kind of high- value asset, it is beneficial if you have one signed with your spouse.
If you own much more than your partner or your take-home pay is less than your spouse. Then it is a wise decision to think about prenup in order to support your future.
“Your financial future is secure if you agree ahead of time on the amount, duration and type of alimony”
Alongside the value of the assets, lack of value is also countable that includes a loan or debt no matter if it is credit card debt. You may be expected to clear off the burden of debt equally if this doesn’t become a part of the signed prenup.
- Any partner has an investment plan
When choosing to marry someone, there is a high possibility that you may have more value at stake especially via long-term investment. No matter if you have a plan to invest or have some kind of retirement plans or your employer offers you greater stock options, you can now think about prenups. It is not necessary to stay confined towards opting the traditional opportunities.
“Signing prenup can eliminate the stress of being forced to offer to share their valuable assets if marriages fail”
- Partner is willing to have a proper family
At the time of divorce, there is a high possibility that complications may take place. Later disagreements between the families that further makes it difficult to decide how to raise kids. It is quite a popular act that any partner stops working to look after the kids. Which makes signing premarital agreement useful at the time of divorce. One may receive financial support for holding the custody of children. However, this would definitely not be the only source of income at first place.
“According to the research, a large number of millennial couples also add fur babies (pets) as a part of prenup”
Whatever you and your partner want to get in a prenup, the two should make sure considering with a lot of thoughts. A majority of millennial couples present prenuptial agreement right before marriage. That can cause pressurise on the spouse to sign and accept all the conditions it states. So plan early and safeguard your feelings. As well as protecting the validity of the prenup.
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