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Why younger people are opting for prenuptial agreements

In a new survey from the American Academy of Matrimonial Lawyers, 62% of family law attorneys said that they've seen an increase in prenuptial agreements over the past few years. Slightly more than half said that the increase was largely because of millennial clients. There are several reasons why younger people in California are more likely to want prenuptial agreements. For instance, they have fewer tangible assets and get married later in life. Furthermore, both parties to a marriage are likely to earn money regardless of gender.

While millennials are not likely to own homes, they are likely to own stocks or stakes in startup companies. It can be difficult to determine the value of a company until it goes public or until some other later date. Therefore, a prenuptial agreement can help to protect their interest in that asset regardless of how much it is worth at the time of a divorce.

Those who choose to get married later in life may be more established in their careers. This means that they could be looking to protect their future earnings or any retirement benefits that are accumulated during a marriage. Prenuptial agreements can also protect assets such as a future inheritance. Generally speaking, an inheritance will be separate property as long as it is managed properly.

The end of a marriage can cause a lot of turmoil between spouses. With a prenuptial agreement, however, there may be greater clarity as to who gets to keep important assets. The agreement could also clarify if an individual is entitled to alimony or other financial support. An attorney can review such a deal before the wedding takes place or when divorce proceedings get underway.

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Law Offices of Catherine A. Schwartz
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