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The force behind the rise in prenups

On Behalf of | Sep 18, 2019 | Divorce

Prenuptial agreements could sometimes be a touchy subject in the past, but research indicates that modern audiences may be more agreeable to these legal documents. Arizona residents might like to know more about who is using prenups more and why.

An American Academy of Matrimonial Lawyers study found that 62 percent of divorce attorneys reported an increase in people seeking prenups. According to the attorneys who saw an increase in prenups, 52 percent said that millennials were the ones requesting prenups more often. When compared to past generations, millennials often marry later in life. This means one or both parties could have assets to protect. These assets are not always physical property like real estate. More young people are investing in businesses and the stock market. The New York Post reported that almost 7 out of 10 millennials have financial investments.

Opinions about prenups may have changed over time. Studies have indicated that prenups are not an indicator of divorce, so there are less taboos regarding this legal protection. People of the past may also have regarded prenuptial agreements as something only richer individuals were interested in. Millennials might be more likely to understand that anyone with assets could have reason to request a prenup. In addition to protecting current assets, prenups also safeguard future assets. In the event of a divorce, this could prevent financial hardships.

Without a prenuptial agreement, Arizona community property laws may apply instead, which would generally mean that assets that can physically be divided would be split equally. Obviously, certain property cannot be, and thus each party might want to have the assistance of their own attorney in negotiating a settlement.

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