There’s no doubt millennials, those who are between the ages of 22 and 37 in 2018, are having a huge impact on how businesses operate.
One industry is not feeling the pinch. Millennials are getting married at the same rate their parents did. They are just waiting longer to walk down the aisle.
That has led to changes in the practice of family law, particularly in the area of prenuptial agreements. With millennials being in their 30s on average when they marry, they have acquired more “stuff,” property, retirement accounts, homes, businesses, cars and the associated debt that comes along with those items.
Since millennials have more of those things, many are flocking to prenuptial agreements. They see the legal contract as a means of ensuring that both parties to a marriage are protected where finances are concerned. The document also sets up how money part of the marriage will work from its earliest days, which could help to prevent future legal entanglements should the relationship fail.
Prenups not only decide how assets will be divided if a marriage fails. They also help determine which party is responsible for which debt that is accumulated over the life of a marriage.
Many millennials are also products of divorce themselves. Their parents may have divorced while they were growing up or they may be adult children whose parents themselves divorced later in life. That has led to millennials seeing prenuptial agreements as something not to be feared, but as simply a way to protect their as sets and what they have worked hard to build up for themselves.
In short, it is financially prudent to have a prenuptial agreement in place before you wed if you own real estate or a business; have been married before and have children as a result of that marriage; have a significant amount of debt; have a substantial retirement account; are looking ahead to receiving a large inheritance, proceeds from a lawsuit or stock options or other windfall; or will leave the workforce for a period of time in order to raise children.
For millennials marrying later in life, prenuptial agreements are becoming the norm and that is changing the face of family law.