Preparing for the worst is becoming more popular among younger married couples. Surveyed attorneys have reported a recent increase in prenuptial agreements.
This upsurge was driven by Millennials who have specific reasons for entering into these marital agreements.
According to a survey by the American Academy of Matrimonial Lawyers, 62% of family attorneys said that there was a rise in the number of clients requesting a prenup in recent years. These attorneys also reported a 51% increase with millennial clients executing these agreements.
Several reasons explain the upsurge in millennial prenups. First, these couples may have more substantial assets they may want to protect, even though their home ownership declined. Almost 70% of this age group also has investments and stock options, which they intend to safeguard from divorce.
Millennials are getting married later in their lives and waiting until they are in their 20s or early 30s. Accordingly, they are farther along in their careers and have more property to protect from division or spousal support. They also anticipate earning more throughout their marriage and gaining other assets through inheritance or family gifts, for example.
Spouses are also becoming more knowledgeable about prenups and do not recognize the poor reputation that previously surrounded these agreements. They now acknowledge that these contracts are a way to protect the assets that they earned.
Women are also playing a greater role in the workplace with 72% of millennial women being employed. In the AAML survey, 45% of respondents said more women are paying spousal support. Women now have more assets and are seeking to lower their potential alimony payments and protect their property from being divided in a divorce.
Spouses should seek the assistance of their own attorney when discussing and entering a prenup. Lawyers can help prepare an agreement that meets their needs.