Prenuptial Agreements and Millennials
Why They Are Perfect For Each Other?
Millennials are one of the largest generations in history and their unique experiences have given them different expectations and priorities from previous generations. Millennials include adults born between 1980 and 2000, and research has shown that they are particularly focused on finances, education, their physical and emotional wellness, and planning for the future. As a result of this shift in focus, millennials are delaying marriage until later in life and have been slower in forming their own households compared to previous generations.
What happens when millennials take longer to get married? This usually means millennials are more likely to accumulate more premarital assets than most generations that have come before them. On the other hand, marrying later in life also allows for the accumulation of more debt before marriage. This is especially true because of the ever-increasing amount of student loan debt people are accumulating. Without a prenuptial agreement, a party may be left responsible for some or even half of the other’s outstanding debt after a divorce, as well as dividing their assets including a portion of their premarital assets.
Another distinction with the millennial generation is the way in which millennials create their wealth/income. Millennials have come of age during a time of technological change and this has shaped the matter they create wealth and income. For example, there are an increasing number of business startups and intellectual property (apps, books, code) to protect. Millennial couples entering marriage want to make sure those hard-fought pursuits will not be impacted during a divorce.
Finally, prenuptial agreements are shedding their stigma and becoming increasingly popular with millennials, as millennials are also shedding some of the more traditional thinking surrounding marriage and a spouses’ roles in the marriage.
Together with millennials entering marriage with more financial experience and a deeper sense of reality, prenups are being regarded less as a way to plan for failure, and instead as a way to stay informed and ensure a successful marriage and a financial future for both parties.
These unique differences, and their focus on becoming more financially mindful, especially heading into marriage, is why millennials and prenuptial agreements are perfect for each other. Ultimately, this new mindset is a natural progression for this generation and lends itself to the always important conversation between couples about prenuptial agreements and the need for them.
The attorneys at The Campbell Law Group, P.A. are experienced in representing either party in nuptial agreements. We will meet with you and discuss your options and draft your agreement and explain the best way to present the agreement to your partner and negotiate with him or her.