Why are Millennials leaning towards prenups?

On Behalf of | Apr 7, 2020 | Family Law |

It’s become a common theme for younger generations to take their time before jumping into marriage, unlike the generations that came before. Millennials seem to be looking towards their future and protecting themselves in the long run.

More Millennials are saving marriage for their later years and signing prenups. Younger generations have become more cautious when it comes to marriage. It may be because of the increase in debt in young couples or they’re coming to terms with the high divorce rate that looms over marriage.

What changed?

For Baby Boomers, marriage was an expression of love, but many Millennials watched those marriages fall apart. They saw that with divorce came emotional and financial turmoil for their parents and for them. Why would they want the same for themselves? Younger couples now spend years cohabitating before jumping into marriage. Although Baby Boomers may look down upon this, Millennials are trying to avoid the same mistakes their parents made.

Prenups are another step in this direction for Millennials. If their marriage does not last, they will protect themselves from the financial mess that many couples are left with after a divorce.

What are they including to protect themselves?

Although child custody is off limits for a prenup, there are financial aspects that can be discussed. Many Millennials include protection from each other’s debts. As the national debt rises, it’s smart for young couples to decide that they are responsible for their own debts. Other aspects like property distribution, family wealth, estate plans and distinctions between separate and marital property are popularly being discussed as well.

Marriage is a beautiful thing, but it is a risk. Many Millennials are taking the time to discuss a plan in case of a divorce. By being realistic with one another from the beginning, they open the door to future beneficial conversations.

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