A recent survey conducted by the American Academy of Matrimonial Lawyers suggests that younger couples are taking a proactive approach to financial planning prior to marriage. Among the family law attorneys surveyed, 62 percent report a rise in the use of prenuptial agreements among younger couples. That change may indicate that young people in Florida and elsewhere are approaching marriage in a different manner than their parents or grandparents.
Research also suggests that young people are delaying marriage as compared to previous generations. That shift may be the result of having gone through their own parents’ divorce and wanting to avoid a similar fate, or could simply mean that young people are choosing to focus on their education and career prior to walking down the aisle. In either case, creating a prenuptial agreement is an excellent way to begin a marriage with the foundation of financial security.
Young people seem to understand that a prenup not only protects existing assets, but also provides important protections concerning debt. Many spouses bring considerable student loan and consumer debt into their marriage. Without addressing that issue within a prenup, debts can be divided in the event of a divorce. That can leave one spouse on the hook for financial obligations that he or she had no part in creating.
The research is unclear on the motivating factors that have led millennials to seek prenuptial agreements in increasing numbers. It may be that in the digital age, dating and courtship have gone through significant change, leading people to be far more pragmatic when it comes to the contractual obligations of marriage and divorce. For those in Florida who are considering a prenup, it is important to sit down with a family law attorney to discuss the particular set of circumstances at play.
Source: cnbc.com, “Before saying ‘I do,’ more millennials say ‘prenup’“, Jessica Dickler, Nov. 25, 2016
