For a long time, prenups have had something of a bad rap. However, that
seems to be changing. Today, more millennials are getting prenups than
any other generation.
Several factors play into this statistic. Understanding them can help you
learn more about how millennials are approaching marriage, and decide
whether a prenup is right for you.
Millennials Watched Their Parents Get Caught in Messy Divorces
Most millennials are children of baby boomers. In the past 25 years, the
US divorce rate for adults 50 and older—a demographic mostly made
up of boomers—has roughly doubled, increasing by 109%. In contrast, the divorce rate for millennials has
gone down 21% during that same time frame.
In other words, a lot of millennials have watched their parents go through
rough divorces. As a result, the millennial generation is uniquely marriage-averse.
Prenups are a great way to make divorce more equitable and streamline the
dissolution of a marriage, enabling both parties to maintain a healthier
relationship with each other post-divorce and avoid being financially
devastated by the process. For many millennials, that's a tempting
Millennials Have More Assets When They Get Married Than Previous Generations
average marriage age for millennials is 27 for women and 29 for men (up from 20 for women and
23 for men in 1960). Additionally, it takes millennials an
average of 4.9 years to seal the deal on a relationship and decide to get married.
In other words, many millennials are waiting to get married until they
establish a career and a comfortable lifestyle for themselves. By the
time millennials are ready to settle down, many possess valuable assets
or investments (such as a business) that they want to protect from a potential divorce.
Prenups allow millennials to achieve that goal, securing their assets and
protecting them from an ugly divorce.
Millennials Think About Marriage Differently
The cultural values of various generations have shifted significantly over
the years. Millennials think differently about marriage than their parents.
Many feel like they aren't financially ready for marriage, or are too
young to settle down. They're placing their personal goals, needs,
and values over marriage.
As a result, millennials who
do get married tend to be certain they've found "the one," as
the declining divorce rate indicates. But millennials may also be more
practical than previous generations. Many millennials see prenups as a
way to make a marriage more equitable and prepare for the future—and
they aren't wrong.
Even though prenups have historically received a bad rap, millennials are
looking past that and recognize that prenups can genuinely bring peace
and security to a marriage.
If you want to get a prenup, we can help. At the Law Office of Kathryn
Marteeny, our veteran prenup attorneys can work with your partner's
counsel to develop a comprehensive prenup that meets both parties' needs.
To schedule a consultation with our firm,
contact us online.