Prenuptial agreements, or prenups, don’t have the best reputation. After all, it can feel ominous to lay out the details of your divorce before you even say, “I do.”
However, a recent survey of divorce lawyers found a 62% increase in the total number of prenup requests in recent years. Of the attorneys surveyed, 51% saw a rise in millennial clients signing prenups. Here are a few key reasons millennials are requesting prenups before tying the knot.
They’re waiting longer to get married
One of the leading factors driving millennials to sign prenups is marrying later in life. Rather than tying the knot in their early twenties like their parents, millennials are choosing to delay marriage until their late twenties and early thirties. Today, the average couple also waits 4.9 years before marrying.
Millennials are setting marriage on the backburner to focus on their careers and finances. According to one survey, roughly 71% would postpone marriage to relocate for a job in a desired location. By the time millennials do marry, many have acquired assets that need protecting.
They’re dismantling the stigma
While previous generations considered prenups taboo or only for the rich and famous, millennials view them as a necessary precaution. Many young people are children of divorce themselves and are familiar with the negative legal consequences that come with it.
Millennials may also disregard the stigma due to needing more protection than previous generations. Young people today are facing unprecedented outstanding student loan debt. Without a prenup, they may wind up responsible for paying half of their spouse’s debt following a divorce.
The rise of women in the workforce
Today, both men and women are likely to be working professionals. A whopping 72% of millennial women are employed, and 45% of attorneys surveyed report women are responsible for paying alimony after a divorce than in previous years.
The role of women in family structures has shifted drastically in the last several decades. With more women acquiring college degrees and higher wages than ever before, they benefit just as much from signing a prenup as their male counterparts.
While once considered a romance-killer, millennials are embracing prenups to protect themselves and their assets down the road.