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How Millennials are Changing Prenuptial Perception

Posted by Richard Sopko on Sep 14 2017

With the ever diversifying American family dynamic, it’s important to know legally how to protect yourself for the future. A census report from 2016 revealed that 8 out of 10 people won’t be married until around the age of 45, compare that to the age of 30 in the 1970’s. In a related stat, 62% of attorneys polled saw an increase in the number of 18-34 year olds looking to assemble a prenuptial agreement. As the marrying age has changed so too has there been a change in the once taboo idea of a prenuptial agreement.

During much of the last 45 years a prenup was seen as unromantic, as if the desire for one displayed a lack of trust between partners. Now as people are waiting longer to become engaged, more often there are properties and businesses to be protected. A corner coffee shop to a million dollar import business, people are entering into marriages with their hard work and futures hanging in the balance.

There is also not only ones own assets to protect, but the burden of a partners debt. The cases of student loan debt have gone up exponentially the more a college education costs. Signing the prenup will help to clarify the financial obligations of their partner. This may also help to clarify financial obligations to children born of previous relationships.

Instead of looking at a prenuptial agreement as being unromantic, think of it as a sign of maturity and responsibility. Commitment to someone does not negate a commitment to your own best interests.  

            Here are some popular misconceptions about prenuptial agreements that have been floating around.

  • A prenup is expensive – If this is a concern remember that a prenuptial is nearly the same cost as a divorce. Not to mention that according to one survey the average length of a divorce case was 11 months. It’s an investment in a more comfortable future.
  • Marriage is a primary goal of millennials – A study by the online legal marketplace AVVO only 42% of the under 34’s would list marriage as a life goal. This means the building of a future for their selves are just as or more so important and those futures need to be protected.
  • Millennials don’t care about their futures – Millennials have been given the incorrect rap of being lazy or having a nihilistic sense of their future. Wakefield Research recently released a study showing 71% would be willing to delay marriage and 72% would delay having children to relocate for a job in a desired location.

Regardless of age or levels of property, it’s important to spend some time before every major decision, and question how it could define the rest of your life. At the Simon Law Group we know how imperative it is for you to find the right guidance when considering if a prenup.

 If you are seeking representation for a prenuptial, divorce or family law case call today for a free consultation 800-709-1131 or fill out a contact form on our website for a no-cost consultation. We hope to hear from you today!

Topics: Family Law, Divorce, Real Estate, Estate Planning Attorney, Estate Planning, nj divorce attorney, nj family law, NJ Lawyers, Family Law Attorney, NJ Divorce, prenuptial, prenuptial agreement, property

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