Are Prenuptial Agreements More Common for Millennials?

 Posted on July 11, 2019 in Divorce

Prenuptial agreements tend to get a bad reputation. A person may feel that a request to sign a prenup implies that one partner makes the majority of the money, and signing a prenuptial agreement may make it seem like a marriage is expected to end in divorce. However, a prenup does not necessarily have negative implications, and it can provide a number of benefits for a married couple. As people in the Millennial generation get older and begin to get married, they are agreeing to more prenups than previous generations. According to a study published by the American Academy of Matrimonial Lawyers, 62% of attorneys surveyed have seen an increase in requests for prenuptial agreements in recent years, and 51% of attorneys said that the numbers of Millennials requesting prenups has increased. Why is this the case? There are a number of possible reasons:

A Closing Wage Gap

According to the study, more prenups are now being requested by women. This may be due to the fact that women are climbing the career ladder in their fields and making more money, and they want to be able to protect their assets. In 2018, the pay gap between the genders closed to a 4.6% difference. As more women become equal earners or the primary breadwinners in their households, prenups may be used to ensure that they will have financial protections. A prenup may also be used to protect spouses’ rights to spousal maintenance (alimony). This can be a good safety net to ensure that if a divorce happens, spouses will be able to maintain financial security.

Millennials Are Marrying Later

Millennials are typically defined as anyone born between 1981 and 1996, and many people within this age range are now married or are considering marriage. The median age for men to get married is now 30, and the median age for women is 28. Because they are getting married at a later age, Millennials may be well into their careers, and they may have accumulated a number of assets. In order to protect these assets, they are more likely to want to sign a prenup before getting married.

Contact a Lombard Family Law Attorney

If you are planning to get married, regardless of your age, a prenuptial agreement can help you make sure that your assets are protected, and it can help take some of the uncertainty out of a potential divorce. At The Stogsdill Law Firm, P.C., we can help you draft a prenup that will protect your rights and meet your needs. Contact a Wheaton prenuptial agreement lawyer at 630-462-9500 to schedule a consultation today. 

Sources:

https://www.theladders.com/career-advice/why-the-millennial-generation-is-signing-more-prenups-than-ever-before