Divorce affects couples of all age ranges, and millennials might worry about their marriage potentially running into troubles in the future. And even though someone might be relatively young, they may be entering their second marriage, adding to concerns about a possible divorce. So, it is not surprising that some Pennsylvania millennials may find value in prenuptial agreements.
Millennials and prenuptial agreements
Data suggests younger persons currently drive a 62% increase in prenuptial agreements. Millennials might look at the past several decades of divorce statistics and publicized court fights over assets. Perhaps such introspection leads them to take the potential for divorce more seriously than previous generations, moving them to embrace prenuptial agreements. The attitude could be understandable, considering the value of a prenup.
Prenuptial agreements could protect assets that one spouse contributed all effort towards accumulating. For example, someone may earn a great deal of money through business endeavors and subsequent investments into other financial vehicles. A 50-50 split between the two parties might seem unfair if the marriage does not last. However, the court could order such a judgment. With a prenuptial agreement, the parties could agree to a fair one.
Legal issues on prenuptial agreements
Rushing into any legal contract, including ones related to divorce and marriage, could lead to errors. Anyone considering a prenuptial agreement should realize that family law statutes define a document’s eligibility. Anything poorly composed might not stand up in court or be enforceable. Also, any coercion or fraud would likely render the agreement invalid.
The court might not accept an unfair prenuptial agreement, either. Anyone composing a prenup may wish to keep this information in mind.