More Millennials – specifically women – are sitting down with their fiancés and choosing to establish a prenuptial agreement before saying, “I do.” While many may be inclined to connect the rise of the prenup to high divorce rates, recent studies may indicate that prenups are not a prophecy for divorce.
A recent report suggests that Millennials and Generation Xers are creating a substantial drop in divorce rates.
Marriage later in life
According to University of Maryland researchers, the U.S. divorce rate declined 18% between 2008 and 2016. Many experts attribute the drop in Millennial divorces to the longer amount of time most Millennials wait before marrying.
Interestingly, experts have also pointed to wiser, more career-established Millennials as the reason for an increase in prenuptial agreements.
Why a prenup is positive
Admittedly, discussing your marriage’s end before it begins may not seem romantic. However, whereas previous generations saw the prenup as a prophecy for divorce, many Millennials view the arrangement as a simple business contract.
Viewing the document in this way explains how a rise in prenups and a decrease in divorce may mean that creating a prenup with your fiancé starts your marriage off on the right foot.
Establishing financial rules is healthy
Sources have found that financial issues are the second leading cause of divorce. Creating a prenuptial agreement is healthy for a relationship because it requires soon-to-be spouses to evaluate, comprise and promise how they’ll treat their property and finances between one another. This is the start to the financial rules you’ll need to establish to keep your marriage healthy and happy.
For example, establishing the conditions of your prenup allows you and your partner to understand one another’s priorities, compromise those priorities, evaluate how you’ll handle expensive items and be honest about your income, savings, trusts and debts. These steps entail sharing important information and practicing useful skills.
Relationship rules gain popularity
Some experts have suggested creating a relationship contract to help ensure clear communication between couples and help both spouses feel secure in the relationship.
While the marriage, itself, is similar to a relationship contract, a prenuptial agreement lays out the reality of the consequences for not following through with the relationship contract. Although other couples may generally understand that the end of a marriage means divorce, those with a prenuptial agreement will have a better sense of the gravity of the choice to marry and divorce.
Creating a prenup
If you’re interested in creating a prenuptial agreement with your spouse-to-be, it’s best to work with a professional. Working with a family law attorney can help you and your spouse ensure that nothing is forgotten or missed and that the terms of your agreement are legally enforceable. You’ll also have help in filing the paperwork, while you and your spouse are busy with wedding plans.
