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In the past, many couples hesitated to bring up the topic of prenuptial agreements. Asking your significant other to sign a prenuptial agreement was previously considered unromantic and offensive, however that’s not the case anymore. In fact, these agreements are becoming more common thanks to the Millennial generation.
According to the American Academy of Matrimonial Lawyers, more than half of practicing family law attorneys saw an increase in the number of Millennial clients asking for prenuptial agreements. Here are some of the reasons why prenuptial agreements are so popular among Millennials:
Entering Into Marriages Later in Life
Unlike previous generations, Millennials are in no rush to tie the knot. In the 1960s, the average American woman entered her first marriage at the age of 21. Today, the average woman does not get married until she is 27. Because they are waiting longer, Millennials typically have a greater number of assets to protect, which is why they often request prenuptial agreements.
Higher Levels of Education
Millennials are more educated than the generations that came before them, which can also influence their decision to obtain a prenuptial agreement. For example, it’s estimated that only 9% of women in the Silent Generation completed a minimum of four years of college. On the other hand, 36% of Millennial women have completed four years or more of college. Millennials use their education to advance their careers and achieve financial independence, which they then protect with the help of a prenuptial agreement.
There’s another reason why higher levels of education could lead to an increase in prenuptial agreements: student loans. There are over 45 million student loan borrowers in the U.S., and many of them are Millennials. The average borrower graduates with over $27,000 in debt. Even if the loan is taken out in one spouse’s name, both spouses are responsible for debt accumulated during the marriage. Therefore, many Millennials request prenuptial agreements to protect themselves from their spouse’s debt.
Realistic Views of Marriage and Divorce
Millennials are also more exposed to divorce than adults in other generations. Most Millennials grew up with or knew someone who grew up with divorced parents. As a result, Millennials were raised to understand that divorce is a real possibility. This awareness has led many Millennials to plan for the worst-case scenario and protect their assets with a prenuptial agreement.