The millennial generation takes a lot of flak, blamed for everything from the death of sit-down restaurants to the decline of the diamond industry. One business area not feeling the impact of millennials, however, is the wedding industry. Millennials - those between the ages of 22 and 37 in 2018 - are still marrying at approximately the same rate as their forebears, with a few differences.
First and foremost, millennials are waiting longer to marry. Whereas their parents may have wed in their early 20s, most millennials are walking down the aisle in their 30s instead. The longer one waits to wed, though, the more complicated things become in terms of premarital personal property and debt acquisition.
That is likely why millennials are opting for prenuptial agreements at an ever-increasing rate. Not only does this generation have more collective debt (particularly student loan debt) than others, they are also putting more emphasis on career establishment prior to marriage. This means that both spouses are independent before the marriage, and many of them have purchased homes, started retirement accounts, and had children in previous relationships. They are also, given the current divorce rate, more likely to be children of divorce themselves.
For these reasons and more, prenuptial agreements are becoming more common amongst millennials. Prenups are appropriate for anyone with:
- Real estate or interest in a business (sole proprietorship, LLC, corporation, etc.)
- A prior marriage, particularly one that produced a child
- Significant premarital debt (common amongst the millennial generation)
- Preexisting substantial retirement accounts
- An anticipated inheritance, proceeds of a lawsuit, stock options, or other windfall
- Plans to leave the career track for a time in order to raise children
To learn if a prenuptial agreement might be right for you, regardless of whether you are a millennial or not, reach out to an experienced family law attorney in your area.