Divorce has been a constant presence in American society for decades now. It became much more socially accepted decades ago for couples to divorce. However, an interesting trend has developed in recent years, in which the divorce rate has begun to decline thanks, in part, to millennials.
The reason for this decline appears to be the fact that many millennials marry when they are older. In the past, couples married in their late teens or early 20s. Now, most millennials do not marry until their late 20s or even 30s. While divorces have begun to drop, the rate at which married couples seek out prenuptial agreements has increased substantially. It appears millennials enter marriages knowing the risks, and they are more proactive about protecting themselves should the marriage end in divorce.
Millennials have built up more assets and debts on their own
The purpose of a prenup is to provide an agreement and settlement as to how assets and debts will be divided in the event of a divorce. Decades ago, many couples did not have any substantial assets in their names when they married. At that time, having a prenup seemed superfluous because neither party had much to lose financially.
Because many millennials do not marry until they are older, they have time to acquire assets. They may already own a car outright and have secured other assets. They have also accumulated debt, mostly through student loans, and they do not wish to take on their spouse’s debt should the marriage end in divorce.
Millennials usually enter the marriage as an equal team
Years ago, a marriage consisted of the husband going out working while the wife stayed at home. These days, many spouses have college educations and full-time jobs. In the past, a prenup would mostly protect the husband, which could foster resentment.
For modern prenups, the spouses create it as a team. Many marrying millennials simply want to retain the assets they had prior to the marriage, so both parties are forward about what they bring to the table. They both have to be honest about their finances, and this honesty can help build trust prior to the wedding.
Can a prenuptial agreement help ensure your marriage finds its “happily ever after”? Contact an experienced family and matrimonial lawyer today to find out.