Prenuptial agreements have risen in popularity in California and across the country for people of all ages. However, a particular increase has been evident among the millennial generation. People between the ages of 18 and 34 are more likely to seek a prenup before getting married, according to the American Academy of Matrimonial Lawyers. This recent uptick in interest follows an ongoing trend as the use of prenuptial agreements has multiplied fivefold in the past 20 years. The increase in prenup interest has accompanied an overall decline in marriage interest; only 42 percent of millennials identify marriage as a goal in life.
There are a number of reasons why millennials may be less interested in marriage, but some survey results have indicated that financial insecurity is a major cause. For example, many young people are concerned about underemployment or student loan debt. This is actually a major reason why millennial couples opt for prenups, as these documents allow spouses to lay out their responsibilities for student loan debts in advance.
In addition, many millennials are interested in prenups for the protection they provide for premarital financial assets. Since more people are marrying at later ages than in the past, many have retirement funds or stock investments to protect.
No one wants to think about divorce when beginning a marriage, but a prenuptial agreement can also be an important step toward financial openness. Both parties should be represented by their own family law attorneys during negotiations in order to ensure that their interests are protected and that the agreement is later considered valid in court.