Prenuptial Agreements on the Rise for Millennials
Forty years ago, 8 in 10 people were married by the age of 30. Last year, that same number applied to people getting married at the age of 45.
In today’s world, millennials often postpone marriage until they are financially secure. Moreover, during their marriage planning process, they are more likely to protect their assets by establishing a prenuptial agreement in the event of a divorce.
What is a Prenuptial Agreement?
A prenuptial agreement is defined as an agreement between two spouses who plan to get married, which involves income, earnings, and other assets. In the agreement, each spouse determines what assets will be kept together or separate pending a divorce occurs in the future. The agreement, which must be made in writing, is made effective upon marriage.
Why Are Prenuptial Agreements on the Rise?
Millennials put marriage aside until they know they can “play it safe.” They have seen couples in previous generations enter into marriages without being financially prepared and then end up struggling when divorced. Millennials have also considered their prospective spouse’s assets, so they can plan accordingly, as most will have careers, businesses, and property by the age of 45.
In the 1970’s, as many as 43 percent of married women stayed at home while their husbands made a living. In 2016, however, as few as 14 percent of married women stayed at home—they have decided to make their own living as well.
As many as 62 percent of respondents in a 2016 American Academy of Matrimonial Lawyers survey reported that there was an increase in couples establishing prenuptial agreements in the 2010’s, and 51 percent of respondents found that those couples seeking agreements were millennials.
In the 1970’s, prenuptial agreements were mainly used to plan an estate, with those couples likely having more money and assets. Now, since successful start-up companies are on the rise and student loans are increasing, prospective married couples want to keep their debt and businesses separate.
Call a Wheaton Prenuptial Agreement Lawyer
Getting married is an exciting time. However, the process comes with a lot of responsibilities and several factors should be considered with preparing for marriage. At Abear Law Offices, we understand the anxiety you may be feeling while planning your special day, and we are always available to assist you with your questions and concerns. To schedule a free consultation, please call a DuPage County asset protection attorney at 630-904-3033 to schedule an appointment and get the help you deserve.