A recent survey by the Academy of Matrimonial Lawyers found that family law attorneys nationwide are seeing a significant increase in the number of millennials seeking prenuptial agreements before walking down the aisle, with some attorneys saying they’ve seen 400% increase in demand from younger spouses-to-be. Long associated with wealthy individuals entering into successive marriages, more and more young people who have never been married want to create a prenup as part of their wedding planning. Here are 5 reasons why:
People Are Waiting Longer to Marry
At the start of the 1960s, the average bride and groom were 20 and 23, respectively, but by 2011, those ages had jumped to 26 and 29, and the trend doesn’t appear to be reversing. It goes without saying that financial responsibility generally comes with age, and so it is no surprise that more first-time spouses are looking at prenuptial agreements as a financially smart choice.
Spouses Enter into Marriage with More Assets…
With first-time spouses getting older, they are also getting wealthier. The average person straight out of college or high school has little to no assets, but once a person has been in the workforce for a decade or so they have more assets to protect. Older first-time spouses have also often witnessed the legal costs and headaches associated with divorce among friends and co-workers when there is no prenuptial agreement in place.
…And Those Assets Are More Complex
In our entrepreneurial economy, more millennials are creating wealth through their own business startups, intellectual property (apps, software, art, etc.), and other proprietary assets, and they want to do everything they can to make sure that those entrepreneurial pursuits are not derailed by prolonged divorce proceedings.
Millennials are Often the Children of Divorce
According to researchers, divorce rates peaked in the 1980s, around the time many millennials were born. Some have suggested that this has led to more young people avoiding marriage altogether, but it is also quite likely that those who are getting married grew up with a realistic view of the potential for divorce and the difficulties it can cause when proper planning is not done ahead of time.
There is a Greater Understanding of Marriage as a Legal Act
Marriage is a legal act with profound legal consequences should the marriage end in divorce. Many millennials have a better understanding of those consequences, therefore they are taking the appropriate steps to take matters into their own hands by creating a mutually beneficial prenuptial agreement.
Experienced Virginia Family Law Attorneys
At Kurylo Gold & Josey, PLC in Fredericksburg, Virginia, we will guide through all your questions regarding prenuptial agreements, and help you create an agreement that protects your interests. To schedule a consultation with one of our Virginia family law attorneys, contact Select Law Partners at 540.642.1766.
Matt Kurylo
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