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Are prenups necessary? Millennials seem to think so

On Behalf of | Dec 31, 2020 | Divorce |

Each generation perceives marriage differently, whether it’s the greatest generation, the baby boomers, or generation X – and the millennials are no different.

As today’s youth enter prime marrying age, it’s clear they have their own nuptial idiosyncrasies; one of the most intriguing being the prenuptial agreement.

The amount of prenups being signed has risen exponentially over the last few years.

Why are millennials so attracted to this pre-marriage agreement? A couple different reasons.

Experience with divorce

The baby boomer generation had one of the highest divorce rates of any generation in recent memory and most millennials are the result of baby boomer unions. Witnessing the agony of divorce first-hand could be encouraging some to plan for its eventuality.

Marrying later

Millennials are waiting longer to get married. They are waiting for a variety of reasons, but careers, education, and economic security all play a role.

Because couples are marrying at a more mature age, they are entering marriage with far more assets; most have considerable savings and investments, some may even own a home. All of these possessions result in a much greater net worth. To put is simply, people are much more adamant about ensuring their wealth is protected because they simply have much more wealth to protect.

No more stigma

In the past prenups were salacious agreements signed surreptitiously in the dead of night; now, the stigma is gone.

In fact, in some circles prenups are simply considered prudent decisions cast in the same light as life insurance or estate planning. Millennials are simply more comfortable with prenups than previous generations.

Prenups may seem simple on the surface, but like with other contractual agreements, there’s more than meets the eye.

The law governing contracts and divorce is notoriously slippery, any type of agreement should always be drafted with the assistance of a family lawyer. They understand the nuances of the law and can foresee residual consequences that would evade the untrained eye.