How the Millennials Are Changing Societal Views on Marriage
The millennials, the emergent consumer demographic, are changing the face of marriage. Noted in the abstract, "Fewer Marriages, More Divergence: Marriage Projections for Millennials to Age 40," authors Steven P. Martin, Nan Marie Astone, and H. Elizabeth Peters project that marriage for millennials will be at the lowest rate of any previous generation. And for those opting for marriage, a trip down the aisle may not happen before their 40th birthday.
Data derived from the American Community Surveys provided the basis for the analyses with a cross-check against the 2000 U.S. Census report. Additionally, the following projections were established:
- Millennial singles are here to stay;
- Millennial marital status will directly affect policies, tax rates, entitlement program eligibility and the issuance of social safety nets; and
- Millennial singles, in significant numbers, will influence changes in the needs, costs, and opportunities of new policies and programs.
- Support for both single parent families and marriage will remain a challenge;
- A societal division between the millennial married “haves” and the millennial single “have nots” will be socially apparent;
- Entitlement programs for lower income families and individuals would target both the millennial singles and married couples; and
- Changing marital trends will make this option even more difficult to achieve.
As the analytics indicate, the millennials are clearly changing societal terms. CNN contributed that prenuptial agreements are even on the rise for those millennials bypassing traditional marriage in favor of cohabitation. Clearly, this generation is living life on life’s terms, and by their own definition.
If you are of the millennial generation and are planning to marry or cohabitate, opting to draft a prenuptial or cohabitation agreement is strongly recommended to protect financial and real property assets in the event of divorce or separation. Douglas B. Warlick, a Geneva family law attorney, has been assisting clients throughout Kane, Kendall, DeKalb and DuPage counties since 1981. With over 30 years of experience, Attorney Warlick understands the range of financial issues that may arise as a long-term relationship comes to an end. For more information on how a prenuptial agreement can protect your assets, contact Attorney Warlick at 630-232-9700 to schedule your personal consultation today.