The millennial generation has differed from its predecessors in many ways. One is in the age at which individuals in this generation are getting married. Generally, millennials have been waiting longer to tie that proverbial knot.
Statistics also point to millennials having a particularly strong desire to have their financial house in order before getting married. A 2015 survey indicated that being financially secure prior marriage was something to which over half of individuals in their 20s/30s pointed as being important.
Given these trends, millennials might be particularly likely to enter marriage with some important assets already built up. For example, they may have already:
- Built up a substantial investment portfolio.
- Started one or more successful businesses.
- Purchased real estate.
Since many millennials enter marriage with these sorts of assets, one a common desire among individuals of this generation as they are about to begin marriage is a desire to put some protections in place regarding such assets. This is among the factors that have contributed to the increased popularity of prenups in recent times.
What particular assets a person who is about to get married has can heavily impact what sorts of asset protection concerns might come up for them. It could also impact what prenup terms might best help them with their asset protection goals. So, when a person is considering getting a prenup to help with protecting their assets from things such as a potential future divorce, consulting with a Board-Certified Expert Family Law attorney about tailoring to a pre-nuptial agreement their particular asset profile (and their other unique circumstances) can be important.
One wonders what trends future generations will see regarding marriage age, assets going into marriage and prenup use.
Source: The Washington Post, "Why you're more likely to have a prenup than your parents were," Jonnelle Marte, Aug. 4, 2017