More millennials are opting for prenups prior to marriage
Prenuptial agreements aren’t just for more mature couples in California. A survey of divorce attorneys found that more than 60 percent report noticing an increase in the number of clients requesting prenups. Just over half of them report seeing a spike in the number of millennials, typically defined as individuals born between 1981 and 1996, requesting and signing such documents.
Many millennials are opting for premarital contracts to protect business interests, property holdings and family inheritances. Some younger couples are also using prenups to proactively address alimony should a marriage end in the future. Another possible reason for the prenup trend is that younger couples are marrying at a later age than previous generations; the average age for marriage is now in the late twenties for both men and women.
Because millennials are more likely to have accumulated some assets by the time they get ready to tie the knot, they have more of an incentive to consider prenuptial agreements. A deeper look at the prenup trend among millennials shows that more women within this age group are requesting such agreements prior to marriage. One possible reason for this uptick is that more women are looking to protect lucrative business assets. Also, a shrinking wage gap between men and women means that more women are becoming either the primary or higher wage earner in marriages.
A separate survey of attorneys found that more women are responsible for alimony and child support payments. Even if salaries are roughly equal for a millennial couple planning to walk down the aisle, a prenup lawyer may still recommend being proactive about asset protection. A prenup can also address issues such as student and credit card debt responsibility. Similar agreements may be prepared after marriage if there is a mutual desire to do so.