Younger generations seem to have different ideas about marriage and divorce than their parents or grandparents. A recent survey completed by the American Academy of Matrimonial Lawyers suggests that more millennials are choosing to create prenuptial agreements prior to tying the knot. That could help the current generation avoid many divorce pitfalls that older Maryland residents have experienced.
It appears that people between the ages of 18 and 34 are increasingly likely to insist on a prenup before committing to marriage. That approach may be the result of having gone through their parents’ divorce as children, or might simply be the result of a shift in attitude about the institution of marriage. No matter the reason behind this trend, younger couples can receive a number of benefits by using a prenuptial agreement.
A prenup can protect wealth that is brought into a marriage and also provide a firewall concerning debt. Many young people are postponing marriage until after they have completed their education and become established within their careers. That means that some will bring significant student loan debt into the marriage. Without a prenup in place, it is possible for student debt and consumer debt to become an issue in a divorce.
Prenuptial agreements serve a wide range of interests, many of which are appealing to younger couples. The process of negotiating a prenup is no longer fraught with emotion in the same way that it was for previous generations. Today’s young couples in Maryland and elsewhere are increasingly financially savvy, and are willing to navigate the steps required to protect their interest both now and in the future.
Source: cnbc.com, “Before saying ‘I do,’ more millennials say ‘prenup’“, Jessica Dickler, Nov. 25, 2016