The thought of a millennial living in California bucking conventional trends is unlikely to surprise many people. However, some people are finding the increase in prenuptial agreements fueled by young people a bit unusual.
Moving away from tradition
Prenuptial agreements were more common in past generations for wealthy couples or individuals entering a second or third marital union. Younger married couples today are much more interested in prenuptial agreements regardless of their income level. Professionals in divorce law say that millennials are becoming more conscious of the social realities affecting their lives that were not relevant to married couples in their grandparents’ generation.
Millennials are less likely to own a home than past generations, but this fact does not negate the concern they have for protecting assets. Some experts point to the turbulent economy affecting the country as the cause of millennials’ financial worries. Individuals of this generation are also interested in stock investments and business startups they wish to protect in the event of a divorce.
Millennials are not only opting for prenuptial agreements to protect the assets they possess at the time of marriage; they are also concerned with protecting assets that they will continue to accumulate. This reason may apply more to a spouse with significantly higher earnings potential than the other with a concern for the alimony and spousal support payments they may become responsible for if divorced.
The absence of taboo
There was a time in America when a mere conversation regarding a prenup was taboo. But the increased understanding people have regarding prenuptial agreements has helped to dispel many old ways of thinking.
Interest from women
In addition, more women are finding higher levels of success in the workplace. This factor leads to more asset protection concerns for women. There is evidence to justify this concern as more women are finding themselves responsible for alimony payments following divorce.
No one gets married with the thought of divorce on their minds, but divorce is the unfortunate result for a little less than half of the marital unions in the United States. Individuals considering a divorce may help their situation by first speaking with an attorney.