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Demographic trends pushing up use of prenuptial agreements

| Apr 8, 2019 | Divorce |

Wedding planning in Texas now includes the preparation of a prenuptial agreement more than it used to. Members of the Millennial generation have grown up familiar with the use of marriage contracts that govern the distribution of property in the event of a divorce. Now that people in this generation are getting married, lawyers have reported an increase in clients requesting the agreements. A survey by the American Academy of Matrimonial Lawyers found that 51 percent of lawyers had worked with growing numbers of millennial clients who wanted prenuptial agreements.

Modern marriages typically begin for people at later ages than earlier generations. Extended single lives provide people with more opportunity to accumulate assets, which they may choose to protect when entering marriage. In 2005, the average age of marriage for women was 25.5 and 27 for men. Currently, women are not getting married on average until age 28.1. For men, their average marriage age now stands at 29.9. Financial concerns that inspire people to complete prenuptial agreements include real estate ownership, business interests and family inheritances.

The increasing possibility that women might earn more than men within a marriage has prompted more prenuptial agreements that address possible spousal support obligations. With women representing primary wage earners within more marriages, they are finding themselves responsible for spousal or child support more often.

With a prenuptial agreement in place, a person might avoid prolonged negotiations and disputes over money if a marriage ends. Legal representation could still be beneficial during the divorce process even when a prenuptial agreement exists.

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