Each generation perceives marriage differently and millennials are no different. The millennial view of marriage is best demonstrated by their fondness for a once taboo marital practice – the prenuptial agreement or “prenup.”
A prenup is simply an agreement that outlines how the property and assets in a married couple’s estate are to be distributed in event of divorce. The agreement is drafted and signed prior to marriage.
The prenup had always been popular amongst the country’s elite (actors, millionaires, etc.) but was considered sacrilege amongst working people. Millennials, however, see things differently. Here’s why.
Marriage as a practical matter
Past generations viewed marriage as a sacred cultural institution, millennials see marriage more practically. They consider marriage just another life decision in the same vein as choosing a college or career path. In every other fact of life, it’s considered sensible to have a backup plan, so why not have one in case happily ever isn’t all it’s cracked up to be.
Getting married later
Millennials are waiting to get married. They’re going to school longer and building careers. This means they’re entering marriage with more assets and more wealth than in the past. The prenup is an effective way to ensure this wealth is protected.
Children of divorce
Millennials were raised by the baby boomer generation which had an astonishingly high divorce rate. Thousands of young people have already been through one messy divorce and don’t want to experience a second one. A prenup helps facilitate a less painful separation in the event divorce becomes inevitable.
Prenuptial agreements may seem like simplistic documents, but they should only be drafted with the help of an experienced divorce attorney. A lawyer appreciates the nuances of the law and can foresee how specific language will be interpreted by the court. If cost is a concern, most lawyers offer a free initial consultation at no out-of-pocket cost to the client.