Years ago, prenuptial agreements were a taboo topic that most people assumed were only for the ultra-rich.
Today, opinions surrounding prenups have changed drastically. Young people, specifically millennials and gen-z, see the value in prenups for people of all economic backgrounds.
Young People are Protecting Their Assets with Prenups
According to a recent study conducted by the American Academy of Matrimonial Lawyers (AAML), 62% of divorce attorneys surveyed reported an increase in the total number of clients requesting prenups in recent years. Furthermore, 51% of attorneys who reported an increase also stated that there was an increase in the number of millennials signing prenups.
There are many reasons why millennials and gen-z are going against tradition and talking openly about prenups:
They’re getting married later in life.
Many millennials are getting married later in life. Rather than walking down the aisle in their early 20s, like their parents likely did, they’re, on average, waiting until their 30s to get married. And although fewer millennials own a house than previous generations, the ones who do want to protect the assets and savings they built before getting married.
They’ve witnessed other marriages fail.
According to research conducted by the Pew Research Center, more than one-third of millennials grew up with single or divorced parents. Because of this, even those with married parents had friends whose parents were divorced. Because millennials realize that divorce is a possibility, they’re approaching marriage from a more practical standpoint.
Mounting student debt.
Millennials are entering into marriage with more debt than any generation before. A recent Fidelity Investments report found that millennials in 2020 had an average loan balance of $52,000 — many of this is student loans and credit card debt.
If you’re considering getting a prenuptial agreement before your wedding, schedule a complimentary consultation with our Honolulu family law attorneys, call 808-524-4854 or complete our simple contact form.