Prenuptial agreements can be a very divisive subject among New Jersey couples. According to a new survey by the American Academy of Matrimonial Lawyers on prenup agreements, the divide may be generational.
The study shows that millennials were one of the main reasons that the number of couples signing prenup agreements went up as much as 64%. While this could be driven by generational differences, it could just be because of the state of the economy.
Why are millennials more accepting of prenups?
Once you get married, a lot of your assets and belongings become joint. A prenuptial agreement is meant to keep some minor separation in assets to protect your interests in the case of a divorce.
The oldest millennials are in their 40’s now. Older millennials getting married have worked hard for their assets and want to keep them safe just in case forever doesn’t work out.
Prenups don’t have to cover what assets you had going into the marriage, either. Younger millennials around the age of 25 are just getting started, so they want to protect any future earnings they might get through inheritance, investment opportunities, and more.
Regardless of whether a couple is on the older or younger side of the millennial generation, the reasons are the same. Assets and finances are much harder to earn back for people their age, so they have to be careful.
Are there cultural reasons?
The economy is different for millennials than it was for the generations before them. Older generations saw prenuptial agreements as being taboo or even bad luck, but millennials see them as a way to protect themselves.
Millennials work hard for everything they have and while they want to believe that their marriage will work out, they know it has some risks.