Attorneys Say Prenups Are on the Rise

Millennials in Tennessee may be seeking prenuptial agreements in higher numbers than couples from previous generations. In the past, prenups were mostly associated with celebrities and other wealthy people, but in more recent years, that has changed. A survey by the American Association of Matrimonial Lawyers found that almost two-thirds of attorneys reported an increase in prenups over the last three years, and about half said more millennials were seeking them.

Prenuptial agreements can be a difficult subject to raise. However, it can be a way for couples to talk about finances and ensure that they are in agreement. Couples with a high net worth may have complex finances to deal with, but even couples with less money may benefit from a prenup. One significant issue for millennials is debt. Student loan debt in particular is a problem for some millennials, and a prenup can help ensure that neither has to take on the debts of the other.

A prenup may also address other financial issues that are not clearly delineated, such as how to handle the fact that both may contribute during the marriage to paying off one partner’s debt. Another potential divorce issue is how to compensate a spouse who stopped working to raise children.

Couples who divorce without a prenup may need to address various issues during the property division process. While litigation is traditionally an adversarial process, couples may seek alternative dispute resolution methods and negotiate a divorce agreement. For example, a mediator may help them reach a mutually satisfying solution. This approach can save money and time, and it allows the couple to be in control of the outcome and come up with creative solutions that fit their individual situation. If mediation fails, litigation is still an option.

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