Why Prenups Are The Norm for Millennials
Why is this younger generation much more open to the idea of prenups? Several factors may be at play.
According to the American Academy of Matrimonial Lawyers, a full 62 percent of attorneys have noticed that more of their clients are asking for prenuptial agreements within the last three years.
One of the main reasons behind this increase is that this generation is tending to wait until later in life to get married. This may mean that they have more assets to protect.
Putting off marriage gives them a chance to focus on their careers. This means that they have a chance to build up their 401(k) or to aggregate wealth through an employer's stock program. Perhaps they will buy some real estate.
In the event of a divorce, the spouse or spouses who have accumulated considerable assets before marriage may want to safeguard those assets for themselves.
However, this is just one more reason why it makes sense to have a prenuptial agreement in place. Such an agreement can protect a spouse from having to assume responsibility for a sizable debt that doesn't really belong to them in the event that they get a divorce.
Frequently, this age group also is deferring marriage because of its financial obligations. With student loan debt at record highs, millennials may be reluctant to saddle a spouse with such a heavy responsibility.
Debts from credit cards or personal loans also may put a strain on a relationship. Consequently, the couple may want to specify in a prenuptial agreement that the debt belonging to one spouse or the other remains that individual's responsibility should a split occur.
Other millennials are choosing prenuptial agreements because they are themselves the children of divorce. After suffering the pain of watching their parents go through a difficult process, they may be seeking to protect themselves from a similar situation.
All of these factors combine to explain why this particular generation is beginning to see prenuptial agreements as the norm rather than the exception. It's a wise choice, one that could protect the financial and emotional future of both parties and any children they may have.
To learn more about why people are choosing prenups to protect themselves and their families, call the Sabra Law Group at (646) 472-7971. Or, if you know you are ready, call now to get started.