Modern-day couples often set rules that set their relationships apart from older generations. Sure, most couples still consider engagement bands a must-have when asking the love of their life’s hand for marriage. But more people these days are customizing their engagement rings instead of simply picking one that is often a copy of many other bands.
Back in the day, tying the knot meant inviting every family member along with close friends and workmates to your big day. Weddings these days tend to be smaller, cheaper, and more personalized. Many people won’t mind keeping their guest list short and the occasion more intimate in exchange for a better wedding experience.
Perhaps one thing that significantly shows how different modern-day relationships are is that more couples are investing in prenuptial agreements. Before, only the rich were usually the ones who would sign a prenup. Others even consider asking for a prenup an insult.
But things have changed for the better. Modern-day couples, even ordinary citizens, are signing prenuptial before tying the knot. They do this not because they anticipate a divorce in the near future.
Here’s why more couples are saying yes to prenuptial agreements.
Protect Their Assets
Prenups help couples protect their interests as they enter the wonderful world of marriage. Couples before don’t mind sharing their assets since most of the time, only one serves as the breadwinner. On the other hand, millennial couples have more assets under their name that require protection.
Millennials often take their time before settling down. As much as possible, they want to fix their finances even before they marry. Paying down their student debts, building their careers, and growing their investments are on the top of their lists.
Many people are saddled with debt, especially credit card debts and student loans. Even if you weren’t liable for your partner’s debt after marriage, most people would not want to worry about their future spouse’s debt. Millennials also don’t want to burden their partner by bringing in more debt in the marriage.
More millennials are also choosing career development over marriage. They are willing to wait before marrying just so that they can enjoy that sense of career achievement. Research shows that up to 71% would delay marriage for corporate relocation.
People these days are also investing early. Millennials are diversifying their portfolio early on in hopes of acquiring wealth. Because of these reasons, millennials are enticed to protect the assets they accumulate before saying “I do.”
Fear of Divorce
Divorce in the past made too many kids into products of divorce. They experienced the wrath of divorce and didn’t want their future family to be in the same position. They learn how financially damaging divorce can be to one of both parties, which made them decide to protect their future kids in the event of divorce.
So, they are bringing up prenup talks even early into the relationship. This opened up more people’s minds about the pros of prenuptial agreements. They can sign one before or after marriage, o they have time to decide whether to push through with their original plans or not.
In case of a divorce, they know that their assets stay protected. They can go on with their lives knowing they managed to keep their investments under their name. Prenups also help safeguard the financial future of the kids.
This is also true among kids one spouse has from a previous marriage. In case you and your current partner separate in the future, you know you have separate money intended for your kids from your first marriage. This avoids financial headaches in the future when you or both you and your spouse have kids from previous marriages.
Pressure from Parents
Many adult children these days are boomerang kids. These are essential adults who are still financially tied to their parents. Parents still provide financial support to their adult children and want to protect their kids from the financial repercussions a divorce can have on their children’s lives.
A considerable number of millennials racked sky-high student debts. Many of them also went back from solo living to moving back to their nests. Since their parents support them financially and are likely to receive an inheritance from financially-able parents, they are pressured to sign prenups.
People sign prenuptial agreements not to prepare for an impending divorce. No one can tell for sure if their marriage will lead to an ugly battle at court. But since prenups serve as a couple’s protection, modern couples embrace this option. They know and fear that divorce can ruin their finances and their kids’ future, making it a must to trust their instinct to prepare for what can happen in the future.