Wealthy celebrities over the years have brought the concept of prenuptial agreements to the attention of people in Texas. High incomes and royalties associated with celebrities have motivated many wealthy individuals to negotiate the terms of a divorce prior to marriage. These legal agreements aim to prevent battles over assets and debts in the event of a breakup. People from all walks of life, especially millennials, have now recognized the usefulness of prenuptial agreements in increasing numbers. The contracts potentially allow people to reserve assets from the marital estate and insulate parties from the debt obligations of spouses.
The majority of lawyers surveyed by the American Academy of Matrimonial Lawyers, at 62 percent, reported an increase in clients requesting prenuptial agreements. The previous two decades have overseen a rise in premarital contracts by a factor of five. Matrimonial lawyers also reported a rise in contentious divorces in the previous three years.
Student loans and other debts often create tension when partners split. Millennials commonly have concerns about student loans as collective student debt nationwide surpasses $1 trillion. The execution of a prenuptial agreement could establish how the former partners pay off debts as well as how they divide marital assets or account for a partner who takes care of children instead of holding a job.
A person who wants to know more about prenuptial agreements may consult a lawyer. These agreements are generally best completed with both parties having access to independent legal advice. A lawyer might inform a person about approaches to dividing assets and debts and how to segregate personal assets from marital assets prior to the marriage. A lawyer may represent the person during negotiations and strive to craft a contract that meets the person’s needs and has the potential to resist legal challenges if a divorce occurs.