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Why Millennials Are Using Prenuptial Agreements 

Posted on in Divorce

crystal lake divorce lawyerEach successive generation has its own take on marriage. They buck the conventions of their parents and grandparents to leave their own imprint on the rite. The millennial generation is no different. Of course, millennials are marital trailblazers in more than one way, but one of their most striking departures is found in their embrace of a once-taboo agreement – the prenuptial agreement or “prenup.” A prenuptial agreement is a contract between soon-to-be-married parties that delineates financial rights in the event of divorce. In the past, the prenup was misunderstood as an affront to the sanctity of marriage, but younger generations see it differently, here is why:

Marriage As a Practical Matter

In times gone by, marriage was a sacred institution steeped in cultural significance – millennials perceive it differently.

They see marriage as a practical matter, in the same vein as choosing a university or career. This business-like mindset means millennials have less issue flaunting cultural norms. People have backup plans in every other facet of life, so why not in marriage?

Millennials Wait to Get Married

Millennials are getting married at a much older age. They have grad school to finish, careers to start, wealth to accumulate – there is simply no time to start pursuing marriage in your early 20s anymore.Because they are tying the knot at a more mature age, they are entering marriage with more wealth than their predecessors. Of course, this means they have more assets worth protecting in the event happily ever after is not all it is cracked up to be, and the prenup is one of the most efficient and affordable means of asset protection.

Millennials Experienced Divorce Already

Most 20 and 30 somethings were raised by members of the baby boomer generation, and baby boomers have one of the highest divorce rates of any generation in recent memory.In other words, many young people have experienced the pain of a messy divorce at least once in their lives. Thus, they are doing everything in their power to facilitate a smooth split in the event divorce becomes inevitable.

Contact a McHenry County Family Lawyer

Although prenups seem straightforward and simple, they are complex legal documents that should only be drafted with the help of legal counsel. Family law is notoriously slippery, and a seemingly insignificant error can have catastrophic consequences.

A McHenry County family lawyer can structure the agreement around your unique objectives. They can also identify problems before they arise, saving the client stress and money down the road.

Botto Gilbert Lancaster, PC has years of experience providing vigorous legal representation for working people and the results to prove it. Call today at 815-338-3838 to set up a free initial consultation.

 

Sources:

https://www.wsj.com/articles/millennials-embrace-prenupsbut-through-a-very-different-lens-than-in-the-past-11611252036

https://www.theknot.com/content/gen-z-relationships-marriage#:~:text=The%20Average%20Age%20Gen%20Z,Knot%202019%20Real%20Weddings%20Study.

https://www.pewresearch.org/fact-tank/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population/

Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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