There are many differences between millennials and their baby boomer parents, but perhaps one of the most surprising is the way that millennials have become enamored of prenuptial agreements.
These documents have long been viewed as the red-headed stepchildren of family law practices because couples contemplating marriage perceived them to be unromantic and pessimistic harbingers of future failed marriages. But family law practitioners have seen a resurgence in their popularity among this demographic group.
Preservation of separate assets now seen favorably
For one Kentucky couple who has been together for almost four years and now is discussing marriage, signing a prenup is a wise move.
Amanda is a 31-year-old accountant who believes in being cautious with her investment and savings options. But Andy, 32, is the present owner of a coffee shop. This venture is the latest in a long line of sometimes risky entrepreneurial efforts. He thrives on the challenges of not knowing if his latest project is a sure thing.
Neither believes that a prenup will dampen their ardor for one another. Amanda is frank about her desire to keep her retirement savings plan separate from Andy's various business opportunities. He fully agrees, stating that he never wants his business decisions to jeopardize Amanda's future security.
Millennials marrying later, acquiring more assets
Forty years ago, 80 percent of the population was married by the time they were 30. Statistics from last year indicate that it is not until age 45 that the percentage of married couples is that high.
This generation appears not to be in any rush to the altar, which allows them to separately build significant assets that they admit they want to safeguard.
Additionally, there is less economic disparity between millennial spouses than in the preceding generation. By the mid-70s, roughly 43 percent of married women had no other careers beside their roles as homemakers, wives and mothers. But those statistics had dropped down to 14 percent by 2016.
It's not just assets that are kept separate
Millennial couples also like to stipulate that separately acquired debts like student loans remain that way in their marriages as well as in divorce.
If you are planning your wedding, you may want to follow this trend and discuss drafting a prenup with your family law attorney before taking that walk down the aisle.
Source: The Washington Post, "Why you’re more likely to have a prenup than your parents were," Jonnelle Marte, Aug. 04, 2017