Kanye is singing about them, and millennials are signing them. Millennials are inquiring about prenuptial agreements (“prenups”) more than any other generation, according to a new survey by the American Academy of Matrimonial Lawyers. The survey reports that more than half of family law attorneys saw a jump in millennials requesting a prenup.
It could be millennials are getting married later in life and may have more to lose. They already share a house and a dog, and soon they’ll share life in matrimony, but that’s often where the sharing stops. Some may have a reluctance to share things equitably, which in the court system often means 50/50, and entering into a prenup can prevent that. For example, people starting their own businesses and coming up with their own ideas may have that “property” protected through a prenup.
Talking about divorce before you walk down the aisle isn’t easy. But it’s an honest conversation every couple should have. While a prenup is not the same as an insurance policy, to some it may look like one: you prepare for the worst, but you hope for the best. And of course, as a couple gets older, their thoughts about their property and how they want to share it may change, and that prenup they entered into long ago can be amended or dissolved.
For this or other family law questions, please contact the attorneys at Paule, Camazine & Blumenthal, P.C.