Matrimonial and Family Law Blog

Tuesday, December 13, 2016

Before saying 'I do,' more millennials say ‘prenup'

According to CNBC, prenups are trending among the millennial population. The American Academy of Matrimonial Lawyers (AAML) has reported that 62% of matrimonial attorneys are seeing an increase in the number of millennial prenuptial agreements during the past three years.

Marital agreements like pre and post-nuptials are common for individuals who have accumulated assets that they want to protect in the event of divorce.

Why are more millennials choosing to use prenups?

Millennials are getting married later in life, which may mean that they have more to protect before entering into a marriage that, statistically, is likely to end in divorce.  

This generation is postponing many of life’s traditional milestones in favor of landing an ideal job in their ideal location. Along the way, they accumulate wealth, either through 401(k) or other employer stock programs or through real estate. From a practical standpoint, these folks want to protect their hard-earned wealth if the marriage doesn’t work out.

According to the AAML, the most common areas addressed by these prenups are:

  1. Protection for Increase in Separate Property Value
  2. Inheritance Protection
  3. Community Property Division

Millenials are also coming to marriage with more student loan debt than previous generations. It makes sense to protect their assets from being depleted by such large debts.

Another factor that may drive millenials to proactively protect their assets before marriage is that less than half of all millennials believe marriage is a life goal. When couples live with the expectation that they will eventually break up or divorce, if makes sense to protect assets from the beginning, instead of leaving it up to the divorce judge.

From a practical standpoint, many prenuptial agreements discuss things like compensation for a spouse that leaves the work force to take care of children or to further their education. If one spouse makes a sacrifice like that and doesn’t reap the benefits in the long run, a prenup can address that type of imbalance.

Thinking About Tying the Knot?

Before you say, “I do”, talk to an experienced matrimonial attorney. Our competent and caring matrimonial attorneys can walk you through your options and ensure you have all of the information you need to make an informed decision.  If you are considering a pre- or post-nuptial agreement, call the law offices of Gassman Baiamonte Betts, PC today at 516.228.9181.

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