Younger Generation More Likely To Use Prenups
Prenuptial agreements have gotten a bad rap for many years. Many hold the false belief that prenuptial agreements are only for celebrities or couples who do not believe in the longevity of their marriage. The reality is that a prenuptial agreement is a valuable legal tool as well as a great way to plan for a couple’s future. Prenups are not only a valuable tool if a marriage ends or one of the spouses passes away, but are also a good way to hammer out the details of how finances will be managed within the marriage.
Prenuptial Agreements Especially Popular with Younger Crowd
A survey conducted by the American Academy of Matrimonial Lawyers suggests that the younger generation of married couples may be more likely to use prenuptial agreements than the older generations. In fact, of the total attorneys surveyed, 51 percent reported an increase in the amount of millennials requesting prenups within the last three years.
Milennials Marrying Later in Life Than Their Parents’ Generation
The millennial generation roughly includes individuals aged 18-35. This generation is more likely to sign a prenuptial agreement than their parents’ generation was. This may be due to several reasons. Firstly, millennials are statistically more likely to hold off on marriage until they are older. Often, more mature couples are more financially secure and therefore have more valuable property or assets to protect. They may also be focused on protecting future creations or businesses. For example, a person who creates a business may only have a small business when he or she gets married, but throughout the marriage it grows tremendously in size. That person wants to have the protection for this business that a prenuptial agreement can provide. Other millennials choose to use a prenuptial agreement because they have or are expecting a large inheritance and want to have more control over those funds. People aged 18 – 35 are also the generation most burdened by student loan debt.
Experienced Family Lawyer in Geneva, Illinois
If you are ready to start the process of drafting a prenuptial agreement, or you have further questions about how a prenuptial agreement can benefit you and your future spouse, contact the Geneva family law attorneys at The Law Offices of Douglas B. Warlick & Associates for help. We will work with you to create a prenup which addresses financial issues that are likely to arise during a divorce and protects your future. For a confidential consultation, call 630-232-9700 today.
Sources:
http://www.dailyherald.com/business/20170813/why-millennials-are-more-likely-to-have-a-prenup-than-their-parents
http://aaml.org/about-the-academy/press/press-releases/prenuptial-agreements-rise-finds-survey
