The term "millennial" gets thrown about casually — for good or for bad. Sometimes these 20- to 30-somethings are celebrated for their forward thinking. For example, they're often credited for having a mature outlook on marriage.
Most millennials wait until they know their partner better before they get married. Consequently, their divorce rates are lower than previous generations. Millennials are also more open to the advantages of prenuptial agreements.
One day, the term "millennial" will signify the older and mature generation, but for now, they're society's youngsters. Even though they take great effort to choose the right marriage partners, they may later discover they've changed. They may conclude that they selected the wrong person with whom to spend their lives. When this happens, having a prenuptial agreement already in place becomes vital.
The increasing trend of millennials requesting prenuptial agreements signifies that they are well-aware of the dangers and risks of marriage. Young adults who draft these contracts now before walking down the aisle will have an easier path later if the marriage tanks.
After conducting a survey of family law attorneys, the American Academy of Matrimonial Lawyers reported that 51 percent of attorneys agree that more millennials than ever request prenups. Additionally, 62 percent of family law attorneys say that they've seen an increase in prenup requests from their clients across-the-board. The most important issues covered in these prenuptial agreements were:
- Protection of individual or separate property
- Agreements for alimony and spousal support
- Agreements for the division of property
No matter your age, if you're considering signing a prenuptial agreement before you get married, you're on the right track. These agreements are an excellent way to honor your love for your spouse, and ensure that if you ever do decide to part ways, you won't end up going through an ugly or disagreeable divorce.
Source: The Spruce, "Does Your Millennial Need a Prenup?," Sharon Greenthal, accessed Oct. 13, 2017