Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To Choices Your Expert Guide Through Changing Times
Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To ChoicesYour Expert Guide Through Changing Times
Important Announcement: Client meetings will continue to be offered over the telephone or virtually on the Zoom platform. At the firm’s discretion, in person meetings will require guests to show proof of vaccination status. Your attorney and legal staff will inform you on the court’s position on in person vs. virtual attendance in court or court related meetings as it applies to your case. Please continue to use email and telephone as the primary means to communicate with your attorney, paralegals and legal assistants. Thank you.

3 reasons why more millennials are signing prenuptial agreements

On Behalf of | Dec 21, 2022 | Divorce, Family Law Issues, Prenuptial Agreement |

In the past, the perception was that prenuptial agreements were only for people who had inherited a lot of money or who had a history of previous marriages. Nevertheless, perceptions are changing and with it, the demographics of couples seeking prenuptial agreements.

Insider reports that there has been a significant increase in the number of millennials, many of whom are marrying for the first time, seeking prenuptial agreements. There are several factors that could be driving this trend.

1. Millennials fear divorce

Approximately one-third of all millennials are children of divorce themselves. Many seek prenups because they witnessed firsthand the breakdown of their parents’ relationships and want to do everything they can to avoid the disintegration of their own marriages. A prenup helps to put a relationship on a stronger footing because both parties know where they stand financially.

2. Millennials delay getting married

Studies have shown that millennials tend to get married later in life than previous generations did. It is not unusual for them to enter into marriage in their late 20s or 30s.

Millennials have different reasons for delaying marriage. Those who fear divorce may want to make sure that the marriage will last, while others may be concentrating on a career. In either case, they are likely to accumulate assets of their own prior to their marriage and want to protect their wealth.

3. Millennials want to protect their spouses from debt

It is not only wealth that millennials may accumulate before marriage. Some have thousands of dollars in student loan debt. Studies show that student loan debt is a factor in 10% of divorces among borrowers. Having a prenup in place that makes the debt the borrower’s responsibility may help to relieve that stress.

Therefore, a prenuptial agreement is not only about protecting one’s own interests but those of one’s spouse as well.