Prenuptial agreements on the rise among millennials

On Behalf of | Jul 10, 2020 | Divorce |

Prenuptial agreements are surely not the most pleasant thing for millennials to ponder. However, a marked increase in the number of marriages that include prenuptial agreements among this age group has been noted in Ohio and other parts of the nation.

Prenuptial agreements are used to provide an advanced settlement of sorts for any financial disputes that may arise in the event that a marriage ends in divorce. Prenups are legally binding agreements that can protect the assets of one or both spouses from division in divorce proceedings. It is common for divorcing couples to participate in litigation to break prenuptial agreements in high-value divorces.

More than 50 percent of the divorce attorneys who responded to a recent survey reported a rise in the number of millennials seeking prenuptial agreements. Only 2% of the lawyers polled say they have experienced a decline in prenup requests.

The American Academy of Matrimonial Lawyers reports that 62% of the lawyers it polled report an increase over the past three years for clients interested in prenuptial agreements. This development comes on the heels of a fivefold increase for prenups over the two decades prior to the survey.

One theory to explain this trend of prenuptial agreements for millennials is that many members of this group are marrying at ages a bit older than previous generations. This means that, oftentimes, there are more assets for the newlyweds to protect.

Most people enter into a marital union sure that they have found the partner that will remain at their sides for their entire lives. Unfortunately, the trends reveal that about half of these unions will end with divorce. Individuals who decide it is better to end their marriage now and move forward with the rest of their lives may benefit from a divorce attorney who possesses a keen understanding of the process.