According to a survey by the American Association of Lawyers, more millennials in Colorado and around the country are choosing to seek prenuptial agreements. Over half of the attorneys who participated in the survey stated they saw an overall increase in prenuptial agreements of 62%, but noticed a consistent increase among millennials. While prenups have long been stigmatized as a warning of doom and gloom for the future of a marrying couple, they have slowly become more commonplace and acceptable.
One specific reason why millennials may be considering prenuptial agreements more is because they are getting married at an older age and are attaining more wealth by the time they marry. Most men and women are waiting until close to 30 to marry, and they have had time to accumulate valuable assets. These assets might include money in the bank, property and retirement plans. Most people would want to do what they could to make sure those assets are protected.
Millennials also tend to be saddled with high student loan debt by the time they are ready to get married. If there is no prenuptial agreement, one spouse could be responsible for the other spouse’s student loan debt in a divorce. Student Loan Hero reports that as many as 10% of marriages end over student loan obligations. Therefore, a prenuptial agreement could make sense for those who have high debt.
Prenuptial agreements could be more attractive to millennials because they have evolved over time and are very different than the ones most might be familiar with from years ago. Prenups focus not only on what happens in a divorce, but what can happen to couples and their assets after divorce. For example, a couple could create a business together that needs to be managed should the marriage end. A prenup can determine now how that will happen instead of dealing with it during the hurt of divorce.
For those who have made the decision to get a prenuptial agreement, it is a good idea to start planning early. Each person will need representation from an experienced family law attorney who will work on their behalf to create a plan that will protect the interests of both parties in a fair and equitable manner.