It goes without saying that spouses never enter into holy matrimony with divorce in mind. However, every single year, thousands of spouses in Michigan and across the United States choose to end their marriages. Prenuptial agreements used to have a stigma surrounding them, but they can be lifesavers in the event of a divorce. A prenup is a great way for any individual to protect property and finances. Here’s why many millennials couples are opting for prenuptial agreements.
According to a recent study, prenuptial agreements among millennial soon-to-be spouses increased by over 60% from 2013 to 2016. A number of factors could be contributing to this dramatic rise, but many experts believe a big reason is that people are marrying later in life today. Data from the U.S. Census indicated that the average age at which spouses marry has risen from 27 to 29.9 (for men) and 25.5 to 28.1 (for women) since 2005. Since millennials seem to be waiting longer to marry, they’ll likely have more time to acquire property and assets that need the protection of a prenuptial agreement.
It is estimated that about one-third of the millennial generation are children of divorce. Since divorce may be hovering in the back of their minds, it makes sense that millennials probably fear divorce more than previous generations. Also, many millennials likely understand the consequences since they have been exposed to divorce. Because of this, millennials may be more likely to draft prenups to protect their assets and property before taking their vows.
Although there are still some lingering societal stigmas surrounding prenuptial agreements, these contracts are actually good things to consider before marriage. It is helpful to think of them as a form of marital insurance. Those in Michigan who have questions about prenuptial agreements could benefit by contacting an experienced family law attorney and scheduling an appointment.