Find out why more Millennials are getting prenuptials than any other generation to-date.
By: Anastasia Greer, Legal Intern at JUSTLAW
Besides their being billionaires, did you know what else Kim Kardashian, Jeff Bezos, and Mark Zuckerberg have in common? They all signed prenuptial agreements before marriage. And they are just a few of the climbing numbers of Millennials who are opting for prenuptial agreements before marriage.
Twelve years ago, Harris Interactive ran a survey to find that only 3% of those polled who were married or engaged had signed a prenuptial agreement before marriage. However, Harris took the same poll this year and found a staggering 12% of those surveyed opted for prenups. Specifically, the Harris poll found that 40% of Millennials (those ages 18 to 34) who were engaged and married had signed a prenup. In fact, the American Academy of Matrimonial Lawyers found 62% of its family law attorney members saw an increase in clients seeking prenuptial agreements since 2016. Michael Waters, the freelance writer for the New Yorker, attributes this to the fact that younger people have a more realistic, logical view of marriage as a financial contract. On Market Watch’s “Best New Ideas in Money” podcast, Waters found:
“Marriage is for love, obviously, but it’s also about personal assets, and I think that is really influencing younger people’s willingness and desire to sign prenups in the first place…”
Quentin Fottrell, Market Watch Managing Editor for Personal Finances, also attributes the trend to our current state of the economy – especially to issues surrounding debt:
“These are all good things to know about before you get married because if you have to write a prenuptial agreement, you’re going to have to open your bank accounts and you’re gonna have to share your financial statements about your student loans, your credit card debts . . . and you’re going to have to be transparent.”
So why exactly are Millennials taking the prenup path? Many sources attribute this to factors including
(1) marriage later in life,
(2) mounting student debt,
(3) more women in support of prenuptials, and
(4) because Millennials acquire more assets before marriage.
No matter the reason, Millennials are embracing prenuptial agreements in light of our current day and age.
According to Cheryl Winokur Munk of the Wall Street Journal, the “mindset change” of
Millennials toward prenups “is even true for clients who don’t have significant assets to protect going into the marriage.” What is more, Millennials are seeking to incorporate new social and economic issues in these agreements – including social media presentation, student debt, and even rights to frozen embryos. Working together with your partner to craft a prenuptial agreement makes for a smoother transition into marriage.
If you want to learn more about prenups to see if one is right for you, JUSTLAW offers a wealth of knowledge, resources, and services to create a fast, valid, and painless prenup! See here for more.
