When younger people in Washington decide to marry, a growing number of them are considering prenuptial agreements before tying the knot. According to a study conducted by the American Association of Matrimonial Lawyers, 62% of divorce lawyers said that more clients were asking about prenups, especially millennials. In the past, prenuptial agreements were considered to be a matter for celebrities or the ultra-wealthy. However, these documents are becoming more accessible and common for people of all means, especially as younger generations opt to marry later in life.
Many millennials are marrying after they have already developed careers or even businesses, rather than just starting out together. In addition, young adults tend to marry people of similar financial standing and career success. This means that successful couples may be interested in a prenup for each of them to protect their income and investments. After all, nearly 70% of millennials have some type of investment account. If neither partner is planning to stay home and care for children, both may be less inclined to thoroughly combine their finances. After all, many young people grew up seeing others in their lives divorce, and many high-conflict situations centered on finances.
In the past, prenups were considered an insulting or taboo topic. For millennials, however, they are considered more of a practical option. For people involved in startup businesses, they may be a necessity. Some investors and venture capitalists will steer clear of small startups that are not shielded from divorce by a prenuptial agreement. With many millennials interested in entrepreneurship, this can be an important consideration.
People who are planning to marry can benefit from financial planning, and a prenuptial agreement can be a part of that. A family law attorney can help people to negotiate a fair prenup that protects both parties’ interests in case of divorce.