Members of the millennial generation in Minnesota and nationwide get married at later ages than previous generations. As a result, they often enter relationships with individual assets that they want to protect if divorce should occur. These reasons appear to be driving more people to negotiate prenuptial agreements according to a survey by the American Academy of Matrimonial Lawyers. The respondents reported a 51% increase in millennial clients signing prenuptial agreements.
Millennials on average are getting married in their late 20s or early 30s. Marriages later in life give people an opportunity to start their careers before walking down the aisle. This means that they often have savings, investments, stock options or sometimes real estate by the time that they get married. With more people possessing assets that a potential divorce could threaten, the taboo against prenuptial agreements has eroded among millennials. People who expect inheritances later in life often want to segregate those future assets as well.
The increased participation of women in the workforce contributes to people’s motivations for asset protection. A recent survey of lawyers indicated that more women were asking for prenuptial contracts to address property division or potential spousal support obligations.
A prenuptial agreement might reduce uncertainty about how property division will unfold during a divorce. When a person decides to end a marriage, a lawyer might evaluate how the agreement applies to the couple’s current financial situation. An attorney might draft a settlement based on the agreement or represent the person if litigation becomes necessary to enforce or challenge an agreement.