Heymann & Fletcher

More millennials choosing this family law option prior to marriage

In a recent survey of divorce attorneys, more millennials are reportedly seeking prenuptial agreements prior to committing to marriage. That change indicates that younger people in New Jersey and elsewhere are taking a far more pragmatic approach to family law issues than previous generations. For those who will eventually go through a divorce, having a prenup in place can save a great deal of time and stress.

One reason why millennials are seeking prenuptial agreements in higher numbers may be related to the age at which they marry. People are now delaying marriage until they are established in their careers. That decision also means that an individual would likely bring more assets and less debt into a marriage, and may feel strongly that those assets should be protected from loss.

People who come into a marriage having already had one or more children are also interested in prenuptial agreements to protect the interests of those children. Without a prenup in place, the assets held by both spouses can be subject to division in a divorce. That could leave far fewer assets to hand down to children, either during the spouse's life or as part of an estate. A prenuptial agreement, in combination with the right estate planning documents, can ensure that kids are taken care of, no matter how the marriage proceeds.

Another possible explanation for the rise in prenuptial agreements among millennials may simply be a shift in perspective in terms of family law issues, including divorce. Many millennials in New Jersey had a front row seat to their parents' divorce, some more than once. They may simply be more pragmatic about protecting assets, and choosing to enter their marriages with a prenup firmly in place.  

Source: cnbc.com, "Before saying 'I do,' more millennials say 'prenup'", Jessica Dickler, Nov. 25, 2016

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