Prenuptial agreements: Why millennials want them

On behalf of Barli & Associates LLC posted in divorce on Thursday, November 16, 2017.

Younger generations who are reaching the age when they say “I do” are far more likely than previous generations to sign a prenuptial agreement. Part of the reason for the shift may be that younger generations are more realistic. Having seen their parents go through divorce, they want to make sure they’re prepared for any future contingency — and protect their personal assets in the process.

The trend toward prenups could also relate to the fact millennials are putting off marriage until they get older. In the 1970s, approximately eight out of every 10 people had gotten married before the age of 30. In 2016, this same figure only applied to people who had reached the age of 45. There’s also the tendency of millennials to not get married while they’re young and lacking financial security. Approximately 50 percent of people in the 20- to 30-year-old age group said that they didn’t want to get married before they felt financially secure.

Due to marriages occurring between those who are older and waiting until they’re financially secure, there’s a higher chance that millennials will have businesses, property, assets and careers to protect. Millennials have a higher chance of using a prenuptial agreement to protect these assets. Rather than viewing these documents as unromantic and a symbol of a lack of trust, they’re seeing them as practical solutions to valid concerns.

Does a prenuptial agreement make sense? If you and your soon-to-be spouse are considering a prenuptial agreement, a family law attorney can help you determine if a prenup is right for you and your marriage partner.

Source: The Washington Post, “Why you’re more likely to have a prenup than your parents were,” Jonnelle Marte, accessed Nov. 16, 2017

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