NASHVILLE, Tenn. (WTVF) — Prenuptial agreements are becoming more popular than ever before, according to a new report.
The American Academy of Matrimonial Lawyers found in a new study that prenups have increased 62% in recent years, and more than half of that increase comes from the millennial age group. The main reasons for the increase in prenups from millennials, according to the study, is because millennials are getting married later in life and have more money at the time of marriage.
The report also mentioned that millennials are more focused on protecting their assets, both current and future assets, they don't see prenups as taboo, and millennial women are making more money than previous generations and are seeking prenups.
Another factor is that divorces are common in the United States, and while the reason for a divorce vary, many times it's because of money. "Money is a huge factor in divorces," Jim Widrig of Widrig Law said.
Widrig is a family lawyer and has dealt with many individuals going through a divorce. "The people that we are doing divorces for generally do not have a prenup."
He said a prenup isn't for everyone, largely due to the cost associated with a prenup (it costs in the thousands of dollars per person), but he has definitely seen an increase in prenups in his clients, including millennials.
"I think that trend is going to continue as more people are going to college and become educated and have a work history before they're entering into marriage," Widrig said.
One of the most common misconceptions according to Widrig is that it's easy to get a prenup. In reality, he said each person entering into a marriage needs to get their own lawyer to work on their prenup, and it will cost thousands of dollars and take a little bit of time.
Widrig's advice on whether you should get a prenup is as follows:
“If you should get one or not kind of depends whether or not you want protection or not. Some people think, well, if we’re going to build a life together, if my spouse gets the assets in a divorce, then okay, we built a life together. Other people think that I have significant assets that I need protection for them, and I want to get a prenup because he or she shouldn’t be entitled to anything that was built before the marriage.”