MILLENNIALS EMBRACING BENEFITS OF PRENUPTIAL AGREEMENTS
It’s high time that millennials get their due. While those in this important demographic are sometimes treated with condescension, they may be more realistic about life and smarter about protecting their interests than they are given credit for. For example, a recent survey indicates that millennials are typically very savvy in their approach to marriage.
The survey was conducted among attorneys by the American Academy of Matrimonial Lawyers. Over half of those polled noted an increase of millennials seeking prenuptial agreements. The president of the AAML says that because couples are waiting until they are older before tying the knot, they are more likely to enter a marriage with assets they want to keep protected in case they divorce.
It should also be noted that around 62 percent of the survey’s respondents stated that in the last three years there has been an upswing in the overall number of clients desiring prenuptial agreements. And one last interesting fact; while prenuptial agreements have enjoyed greater popularity, divorces are on the decrease.
Using the AAML survey as an indicator, it appears that millennials are a part of a growing number of people who are not afraid to look into the future with unflinching pragmatism. Of course, any couple who marries is doing so with the belief that they will be together for the long haul, but it is very wise to have a contingency plan in place if things do not work out.
If you are entering a marriage with property and assets that you want to keep protected, an experienced family law attorney can help you create a thorough and concise prenuptial agreement. Not only will the agreement help protect your legal rights, but it could also help you avoid costly litigation in the event of a divorce.
Source: Money Magazine, “Prenups Aren?t Taboo for Millennial Couples,” Kristen Bahler, Oct. 28, 2016