People sometimes get the wrong impression about prenups and why a couple would willingly go along with one if they are marrying for love. With a dramatic rise of couples in Indiana and elsewhere requesting a prenuptial agreement before the wedding, there are practical reasons for this.
According to a study by the American Academy of Matrimonial Lawyers (AAML), it is millennials who are driving the spike. While 62% of attorneys signaled an increase in requests for a prenup, 51% of these indicated that the rise was coming from millennial couples. There are important reasons why millennials have a more pragmatic view of marriage:
- A desire to protect their assets in marriage after weathering financial upheavals in their careers.
- Marrying later in life than previous generations means they have already built up substantial assets.
- The nature of these assets is more in stock options and startups and less in real property.
- Many wish to also protect future holdings.
- Women are gaining financial leverage and want to hold on to their earnings.
Pros and cons of a prenuptial agreement
There are many reasons for or against having a prenup. On the plus side, a prenup is good for a business owner who wishes to protect their interests in the event of a divorce, and also good for a spouse who may have sacrificed a career to raise a family and wants financial security if the marriage does not last. It is helpful for protecting the inheritance rights of children from a previous marriage, and if one spouse has significant debt, for protecting the other from having to also shoulder it.
On the minus side, a young spouse blinded by love may agree to give away property rights that could put them at financial risk if the marriage ends. A prenup may also involve one spouse relinquishing inheritance rights to the other spouse’s estate. And a spouse who has raised a family while their partner ran the family business may not be able claim a share of the increase in value of the business, or may not receive adequate spousal support in a divorce.
Prenuptial agreementss in Indiana
In Indiana, a prenuptial agreement is unenforceable if:
- One spouse did not voluntarily sign it.
- The agreement was unconscionable.
- If any provision eliminates spousal support or causes extreme hardship.
Being pragmatic in marriage can actually lead to a happier marriage, as both spouses may value their worth enough to put it in writing. For Evansville couples, it may make sense to find out more as they plan their future together.