Even though the last millennials were born over 20 years ago, some baby boomer parents are still actively involved in the details of their childrens’ lives. These parents are even inserting themselves into family law matters. As the predicted amount of generational wealth transfer grows, baby boomers are frequently insisting that their kids sign prenups before getting married.
In Texas, inheritances can be compromised during divorce. Since baby boomers are expected to leave more than $60 trillion for their children, they understandably want to make sure that family wealth stays safe. Parents are doing much more than just asking their kids to get prenups — they are even taking the steps to make sure it happens. For some parents, this means recommending meeting with a family law attorney. Others actually take over the prenup process.
Baby boomer parents who are directly involved often end up taking over the negotiation process. While an involved parent can make sure that his or her child’s assets are fully disclosed and protected, another might try to limit information pertaining to family businesses, trusts and assets. It is also important to note that adult children may resent when their parents insert themselves into the process, and it can increase tension between couples. This is especially true if parents try to steer negotiations away from their children’s wishes.
There is no doubt that a prenuptial agreement can be a powerful family law tool. However, asking a partner for a prenup can be stressful, and it may be even more difficult with parents involved. Texas couples who would like to learn more about how to include their parents in a respectful but not interfering manner may want to consider asking for advice from an experienced attorney.