The Pros and Cons of Prenups for Millennials

It may be hard to believe, but more young people than ever are electing to get prenuptial agreements. Once a dirty word in the marriage sphere, millennials have spent the last few years shaking off the cynical image of couples signing prenups.

According to a recent survey by the American Academy of Matrimonial Lawyers, in 2016 over half of all lawyers reported an increase in the number of millennial age clients requesting prenups. Not only that, the total number of couples inquiring about prenups has increased 62 percent.

Marrying later makes a difference

There are several reasons a young couple may choose, or not choose to use a prenuptial agreement. One major reason is because millennials are choosing to marry later in life than previous generations.

As Louis Cannataro, partner and founder of Cannataro Park Avenue Financial told The New York Times, “I got married at 23, so we put nothing and nothing together. But when someone’s getting married in their 30s, there’s a different approach.”

People in their 30s tend to have considerably more assets, higher income and – as most millennials will attest – debt. Going into a marriage with a clear game plan of which partner is responsible for what makes managing finances and other matters simpler should things end, and even during the marriage itself.

Sentimentality has not flown the coop yet

Despite this rising trend, some individuals are still not sold on the notion of a prenuptial agreement. While it may vary from case to case, some people feel that planning how a divorce will run before you are even married diminishes trust and feelings of love.

It could be argued that it is hard to give yourself fully to your spouse when you both are already armed with the knowledge that your divorce is planned. It may be a detractor based on emotion, but if emotion is the cornerstone of your marriage, it could be a major factor.

Whatever you decide, it is still often a good idea to mention the prospect of a prenup with your significant other. The stigma that comes with these documents has been ebbing away; it could be the push that some couples need to investigate.

Categories: 
Related Posts
  • Estate Planning for Blended Families: Navigating the Unique Challenges and Ensuring Fairness Read More
  • What Can I Do If I Can’t Afford Child Support? Read More
  • Should I Wait to File for Divorce Until After the Holidays? Read More
/