Why More Millennials Are Signing Prenups Than Their Parents Did

They say that opposites attract. And, when it comes to marriage among millennials, it's perhaps because of the fact that they do that many of those couples are making sure to sign prenuptial agreements before they walk down the aisle.

As things are currently trending in the United States, millennial couples are getting married later than previous generations have. When they do, they tend to have already started their own business, begun building their careers or own property. In other words, they have a reason to want to protect what they have been able to amass.

The idea that prenups were taboo has largely been discounted by the millennial generation. They threw the perspective that they set a couple up for failure out of the window a long time ago. Now, it's seen as a financially prudent option, especially since a 2015 Allstate study showed that at least 50 percent of all Millennials said they valued being financially secure before marrying.

Spouses who seek out prenups do so to protect even the most modest of assets or the most promising of business ideas. Additionally, by signing a prenup, it can help spouses feel more confident in knowing that, if they divorce, they won't be left on the hook for each other's debts that are racked up, especially costly student loans.

In other cases, a spouse may be encouraged by his or her families to not marry unless he or she has a prenup in place because he or she stands to inherit a family business. As couples are getting married later in life, they also are signing prenups as ways to protect the inheritance or interests of their kids from previous relationships.

When couples neglected to sign a prenup before they married, many are resorting to signing postnups. These have become especially popular among couples who decide to go into business with one another years into their marriage. They argue it will help them more seamlessly divide up the business if their relationship doesn't work out.

A survey, done by the American Academy of Matrimonial Lawyers between 2013 and 2016, found that the number of couples requesting prenups during those years rose by 62 percent over previous years. If you're considering getting married and want to learn more about the pros and cons of having your spouse sign a prenup, then you may benefit from discussing your legal matter with a Naples family law attorney.

Source: Daily Herald, "Why millennials are more likely to have a prenup than their parents," Jonelle Marte, Aug. 13, 2017