Younger people in Texas and throughout the country are waiting longer to get married. This may mean that they have businesses, savings accounts and other assets that they would like to protect from the aftermath of a divorce. Therefore, millennials are more likely than previous generations to get prenuptial agreements. In recent years, the prenuptial agreement has shifted from being unromantic to an almost mandatory part of the marriage process.
Attitudes toward marriage have also changed in recent decades. In the 1970s, 80 percent of the population had gotten married by the time they were 30. By 2016, it took until age 45 for that same target to be hit. A study conducted by Allstate and the National Journal found that millennials would rather be financially secure before they got married. This increases the likelihood that they have savings or other assets to protect when they finally walk down the aisle.
Prenuptial agreements have also become more important as an increasing number of women have joined the workforce. Today, only 14 percent of women stay home full-time, which is a decrease from 45 percent in 1975. Such agreements may also be helpful for those who have student loan or other debt as it can make it easier to keep personal debts separate in the event of a divorce.
The end of a marriage can bring many questions about dividing assets and liabilities that a couple may have. However, a prenuptial agreement may make it easier to answer those questions in an equitable and timely manner. An attorney may be able to review the agreement to ensure that it is valid. If it is, it will likely determine how assets are split or if either party is entitled to spousal support when the marriage officially ends.