A recent survey shows that prenuptial agreements are more popular than ever for an unexpected demographic—millenials. The survey was conducted by the American Academy of Matrimonial Lawyers, which polled a swath of its member attorneys. According to the poll, over 50 percent of attorneys have seen an increase in millennial clients who request prenups before their marriages.
So what is causing the spike in prenups for the millennial generation? These are some of the most significant reasons.
1. Marrying later
Many millennial couples tend to get married much later than their baby-boomer counterparts did. Because the boomer generation got married younger, they had fewer assets to protect going into a marriage. Couples who wait until they are older to get married may have more property at risk, prompting them to consider a prenuptial agreement.
2. Career obligations
The millennial generation also tends to prioritize their careers over marriage. Nearly three quarters of millenials report that they would defer marriage in order to develop their careers. After establishing a career, these clients wish to protect the wealth that they have accumulated from a potential divorce.
3. Student loan debt
The total student loan debt in the United States now totals $1.3 trillion—much of it shouldered by millenials. Prenuptial agreements don’t protect only assets—they can also cover debt. If one partner is entering a marriage with outstanding student loan debt, it can be wise to get a prenup to protect the other partner from its burden in case of a breakup.
4. Experiencing divorce as children
The rate of divorce in the U.S. hovers around 50 percent. Many adult millenials watched their parents go through painful, complicated and financially ruinous divorces. As a result, some millenials may choose to get prenuptial agreements for their own marriages in order to protect their best interests, prevent messy litigation and make a potential divorce as simple as possible.