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Why are millennials getting prenups?

You may have heard about millennials looking into and getting prenuptial agreements (prenups). The American Academy of Matrimonial Lawyers recently reported half of the participating lawyers in the survey saw an increase in millennials seeking prenups. 62% of lawyers observed a higher number of prenups from 2013 to 2016.

What is a prenup?

A prenuptial agreement is a legal contract signed by both spouses before marriage. It provides guidelines for the distribution of assets in the event of a divorce. This can include areas like debts, inheritances, and business ownership. Why would a millennial choose a prenup?

Accumulated assets

Millennials are commonly getting married later in life. A Bridebook study found couples wait on average 4.9 years before getting married. Given that they are marrying later, it's more likely that each spouse has amassed assets they want to protect.

Debt

The amount of student loan debt in America is currently around $1.3 trillion. With so many millennials in serious debt prior to marriage, creating a prenup will not leave a spouse responsible for the other spouse's debt.

Children of divorce

Approximately one-third of millennials watched their parents go through divorce. They may have witnessed financial and emotional complications of their parent's divorce. This experience could make them cautious about entering a marriage without protecting their assets with a prenup.

As prenups become more widespread, the stigma around them isn't as dramatic as it used to be. For you and many other millennials, a prenup could present the opportunity to enter into marriage with less uncertainties to worry about.

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