New generations bring new ideas. Old ideas don’t go away, but they change with the times.
Prenuptial agreements are not new. In fact, their roots go back at least as far as the ninth century, according to The New York Times. They’ve garnered attention in recent years and, according to industry studies, are on the rise in most age groups. One surprising change is that they’re popular among the millennial generation, ages 18 to 34.
Why the increase?
There are two primary factors causing younger couples to enter marriage with a prenup. First, many in the millennial generation experienced divorce firsthand through their parents. Children of divorce enter marriage with a different perspective.
Second, millennials are marrying later in life. Career development is often a priority, which means they are comfortable waiting to marry or have children once they’ve settled into their career path. This affects prenuptial agreements because it means they enter marriage with more assets than previous generations. Another element is debt, most notably that many young Illinoisians carry significant student loan debt.
All ages are embracing prenuptial agreements
While the biggest jump in the survey was among the millennial generation, prenuptial agreements are on the rise across all age groups. A prenuptial agreement is a legal document to protect assets, such as the increased value of a business or property or to establish inheritance rights, which is especially important for blended families where relationships don’t fall within traditional family trees.
Every state has unique laws concerning property rights and prenuptial agreements, so it’s important to work with a knowledgeable family law attorney in your state.