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Why are prenups on the rise with the Millennial crowd?

On Behalf of | Aug 30, 2018 | Divorce, Firm News

Although commentators offer up various reasons why America’s younger marrying crowd is increasingly embracing prenuptial agreements, they strongly agree on one thing.

And that is this: There is no doubt that droves of so-called Millennials are embracing what one recent family law article states has long been “a dirty word before the wedding and a punchline after the divorce.”

Prenups unquestionably come with some historical baggage and are grounded in what the publication Fatherly calls “messy stereotypes about money and distrust.”

Millennials seem to be collectively pushing premarital contracts toward a greater acceptance than was the case in bygone years, though. A clear majority of surveyed family law lawyers point to a notable increase in clients wanting to talk about and execute prenups, with many of those individuals being Millennials.

Why is that?

One reason certainly owes to the fact that legions of young marrying Americans these days embark on married life with schooling completed, careers already well established and with appreciable assets. They have something to protect. That generally wasn’t the case with their parents a generation ago.

And many newlyweds have amassed considerable student debt. It makes sense that their partners want to safeguard themselves against crushing outlays that they did not personally incur.

There is this, too: These days, many millions of younger women come into marriages with earning capacities equal to or exceeding that of their spouses. It is understandable that they want to protect that.

There are obviously other reasons, too, for the growing acceptance – indeed, the explosion – of prenups in Arkansas and across the country. Fatherly notes that Millennials “had front row seats to a lot of divorce,” which has made them more prudent about safeguarding wealth. And more parents who contemplate providing for their adult children via estate planning are exerting some pressure on their kids to take legal action that will safeguard financial giving. A prenup can do that.

Prenuptial agreements can be a family law tool of great utility. An experienced attorney can provide further information.

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