Even though the number of marriages has been declining for years, if a couple does decide to tie the knot today, the interest in prenuptial agreements is rising – especially among millennials.
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According to a recent survey, more than half the attorneys surveyed by the American Academy of Matrimonial Lawyers (AAML) say they have seen a boost in the number of millennials requesting prenuptial agreements over the past three years.
Ben Stevens, attorney and vice president at AAML says while it’s true that most millennials have been more reluctant to get married than past generations, “the ones that do want to protect what’s theirs.”
“[They want to] ensure it remains theirs if the marriage ends in divorce,” Stevens tells FOX Business.
Stevens says millennials with assets, whether it be from wealth they accumulated or inherited from their family, are much more open to the concept of prenups than past generations and are less concerned with any stigma attached to them.
Cary Mogerman, a St. Louis-based divorce, martial and family attorney, agrees and says another reason for the recent boom is that there has been a robust level of law theories on the topic.
“There are also state statutes that seem to skew toward enforcement,” he says. “Another reason is that people approaching marriage do so with caution these days.”
Mogerman says many millennials today have lived through unpleasant divorces of their parents during their childhood and they don’t want to make the same mistake.
“They hope to establish a clear understanding between them about how an unsuccessful union between them, might be unwound in the future,” he adds.
Another reason is that prenups, which safeguard a person’s individual assets such as retirement accounts, real estate and other investments, can also protect spouses from liability for their partner’s student loan or credit card debt.