When Does a Prenuptial Agreement Make Sense?
A prenuptial agreement, commonly referred to as a ‘prenup,’ is a legal contract that defines the financial property of each spouse before the marriage begins. Prenuptial agreements are not commonly found in most marriages, but that does not mean that there is not a time or place for them. To learn more about the benefits of a prenuptial agreement, and how it may protect you in the future or allow you to pass property to those you wish, it is important to contact a High Point family law attorney.
Benefits of a Prenuptial Agreement
A prenuptial agreement helps couples accomplish a variety of goals. For one, it can set a clear line between marital and non marital property. If the couple were to divorce, a prenuptial agreement helps avoid disputes and ensures that one party does not end up with more than they began the marriage with. Secondly, a prenuptial agreement can protect each spouse from the other’s debt. The rising cost of education and healthcare, in addition to wage stagnation, over the past number of decades has meant that millennials are in more debt than ever. According to U.S. News, the average millennial has nearly $25,000 in student loans, which has actually been a reason why fewer millennials are getting married in the first place, compared to past generations. Finally, a prenuptial agreement may allow a parent to leave property to a child from a previous marriage.
Large Age Difference in Marriage, Late Marriages, and Debt Protection
Prenuptial agreements may pick up more momentum in the future as the median age of marriage continues to increase. According to the Atlantic, the average age a woman gets married is 27, while for men it is 29 years old. As couples enter marriages with more property, and more debt, prenuptial agreements make more and more sense. For much older couples who are entering a marriage late in life, a prenuptial agreement may be a good step to take to protect oneself from potential financial harm. Couples with a big age difference (29 years or more in particular) may wish to enter into a prenuptial agreement for this reason.
Contact a High Point Family Lawyer Today
The High Point family law attorneys of McAllister, Aldridge & Kreinbrink, PLLC have vast experience helping clients create the ideal prenuptial agreement for their marriages. We encourage you to call our offices today to set up a consultation.