According to the American Academy of Matrimonial Layers (AAML), the number of millennials signing prenuptial agreements has significantly increased over the last few years. More than half of the lawyers surveyed cited an increase in the number of millennial couples (ages 18-34 years old) requesting prenups, and only 2% of attorneys cited a decrease. The AAML stated that over the past 3 years, 62% of surveyed lawyers have seen an increase in the total number of clients requesting prenuptial agreements regardless of their age.
As recent marriage trends have shown, millennials are marrying later in life. On average, men are 29 years old and women are 27 years old when they enter their first marriage. Less than 30 years ago, the average age for a first marriage was 26 years old for men and 23 years old for women.
Marrying later in life has allowed millennials to accumulate more assets, which means they may have more to protect in instances of divorce. The AAML stated, “the top three areas most commonly covered by the marriage contracts were ‘protection of the increase of value in separate property’ followed by ‘inheritance rights’ and ‘community property division.’” In addition, some millennials do not bring assets to the table, instead bringing crippling student debt loans. Without a prenup you may risk getting stuck with your former partner’s debt, especially if the divorce turns ugly. A prenup can help to safeguard individual assets, such as real estate and 401k’s, but also protect you from your partner’s outstanding student loans and credit card debt.
Aside from financial interests, a majority of millennials have cited personal experience as a driving force behind their prenuptial agreements. They themselves are children of divorce and are predisposed on what it means to protect their interests. Nobody wants to lose in a divorce, and it is understandable with the divorce rate hovering around 50% as to why more millennials want to be protected before they say, “I do.”
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Partner at John F. Schutz, P.L.
Representing clients exclusively in family law cases for the past 24 years, Mr. Schutz is widely regarded as a marital and family law expert. He is Board Certified in marital and family law by The Florida Bar. As a Fellow of the American Academy of Matrimonial Lawyers (AAML), Mr. Schutz is committed to elevating the standards and improving the practice of family law.
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