A generation ago, if your fiancé broached the subject of a prenuptial agreement, it was tantamount to a slap in the face. There was a commonly held notion that people used such agreements as a way of securing their assets if they didn’t expect the marriage to last forever or if they didn’t entirely trust their fiancé’s motives for marriage.
Today, however, the tides have turned considerably on that front. Prenuptial agreements are becoming increasingly popular–especially among the millennial generation. In today’s post, we examine some of the reasons behind this trend:
Attitude toward finances
The millennial generation hit the work force during the heart of the economic recession. They came out of college with record high student-loan debt and struggled to find work. Consequently, millennials who have now achieved high-income work don’t view their situation as stable over the long-term. In addition, they are unwilling to inherit their partner’s student loan debt.
Marrying later on
By and large, the millennial generation prioritizes career advancement over settling down and starting a family. As a result, many millennials are getting married later on in life–after they’ve acquired more assets and have more to lose in the event of a divorce.
Children of divorce
In previous generations, divorce was socially stigmatized. Millennials, however, grew up in an era when divorce became increasingly popular. Many of them are children of divorce, making them more likely to enter into marriage without the certainty that it will last forever or “til death do part”.
Even if you and your partner are convinced you’ll spend the rest of your lives together, a prenuptial agreement still offers a good opportunity for you to establish a solid foundation at the beginning your marriage. It can help you and your partner get on the same page on subjects that often cause stress in a relationship–such as financial management or planning for your children’s education.
A prenuptial agreement can be a smart tool for any couple to prevent conflict and responsibly prepare for their lives together. A prudent would-be spouse may be well advised to consult with an experienced Board-certified Family Law expert attorney familiar with the complexities of pre-nuptial agreements AND post-nuptial agreements.