Young adults from the so-called “millennial generation” are opting to sign prenuptial agreements before getting married. According to one prenup-signing millennial who is planning her wedding for next summer, the document is practical in this day and age, considering how common divorce has become.
In a recent survey, 50 percent of family law attorneys said that they have seen an increase in millennials asking for prenuptial agreements. Polls also indicate that 62 percent of attorneys have seen an overall rise in requests for prenuptial agreements from their clients regardless the age category. In fact, one family law attorney said that over the last 20 years, he has seen requests for prenups increase by a factor of five.
Almost one-third of young adults from the millennial generation claim that they have delayed getting married until they are older. Thirty-eight percent say that they have also delayed having children. The fact that millennials are waiting until they are older to tie the knot may indicate that they have more to protect financially going into marriage, and this could be one of the reasons for the increase in prenuptial agreements.
The three most popular areas that millennial prenuptial agreements cover are: 1) protecting the increase in value of separate property; 2) protecting inheritance rights; and, 3) establishing guidelines for community property division.
If you are currently considering marriage and you have thought about creating a prenuptial agreement to protect these or other areas of financial interest, you may want to meet with a Clarksville family law attorney to discuss what kind of prenuptial agreement could be suitable for you and your future family’s needs.
Source: CNBC, “Before saying 'I do,' more millennials say 'prenup',” Jessica Dickler, Nov. 25, 2016