In the past, Tennessee residents and others may not have made much use of the prenuptial agreement. However, it has become more popular among Millennials, and women are asking for them in larger numbers in recent years. One of the reasons why these documents are more popular today is that people tend to have assets prior to getting married. Therefore, individuals prefer to have a way to protect those assets if the marriage doesn’t work out.
A prenuptial agreement may be useful for those who leave the workforce or who don’t want to be responsible for a spouse’s debts in a divorce. It is important to note that while many Americans like the idea of a prenuptial agreement, not many actually have one. Currently, fewer than 5 percent of Americans have a prenuptial or similar agreement in place. In some cases, it may be that the thought of planning for divorce is not something that makes sense before the wedding has even taken place.
Having a prenuptial agreement may be ideal regardless of a person’s net worth entering a marriage. This is because it may allow for a custom arrangement as it relates to alimony or property division. Negotiating some or all of the terms of a divorce prior to the marriage occurring may result in a better deal for each party.
Those who are considering a prenuptial or similar agreement may want to talk to an attorney prior to signing off on it. Once an agreement is signed, it is generally binding, assuming that it adheres to state law. An attorney may be able to review the document to determine if the terms are enforceable. It may also be helpful for an individual to learn if the terms are reasonable and in his or her best interest.