According to the American Academy of Matrimonial Lawyers (AAML), approximately 50 percent of lawyers surveyed have seen an uptick in requests for prenuptial agreements from millennials. The frequency of filing prenuptial agreements before marriage has increased five times during the last 20 years, and most of that increase is attributed to those between the ages of 18 and 34.
One of the reasons for the increase in prenuptial agreements is the fact that the youngest generation of adults is choosing to wait before getting married. This means that many of them have more accrued personal assets to protect.
Here's some more food for thought about the millennial generation and prenuptial agreements:
1. Millennials are older when they get married. Millennial men wait until an average of 29 years of age before getting married and millennial women wait until an average of 27 years of age to get married. Three decades ago, those numbers were 26 and 23, respectively. Waiting three or four more years to marry allows more time to accrue a considerably larger portfolio, 401(k), a homes and other resources they wish to protect in the event of a future divorce.
2. Millennials struggled to get what they have. With a very weak employment market during the 2000's and 2010's, millennials fought tooth and nail for what they managed to save. It's understandable that they don't want to give it up readily in a divorce.
3. Millennials have lots of student debt. When millennials attended university, the costs of education had skyrocketed. For many, turning to student loans was the only way to get through school. No one wants to assume someone's debt burden via marriage, and a prenuptial agreement is one way to avoid having to do that.
4. Many millennials don't view marriage to be a life goal. If they do get married, they scrutinize what they're giving up and may be inclined to safeguard themselves in the event of a divorce.
If you'd like to benefit from a prenuptial agreement before you get married, learn about Washington, D.C. family law. This can help you determine what's necessary to draft and execute a viable prenup.