Kennedy Law Associates

Increase in millennials protecting against divorce with prenups

Prenuptial agreements seem to be gaining popularity among millennials throughout North Carolina and the rest of the U.S. Some may view the change, which was found in a study by the American Academy of Matrimonial Lawyers, as a sign of maturity or increasing responsibility. Others have pointed to an economy that increasingly requires both spouses to participate in the job market.

The Pew Research Center claims economic factors have played a pivotal role in driving more millennials to protect their assets in case of divorce. Millennials entered the job market around the 2008 recessionary crisis, and this may have caused some to place a bigger importance on smart financial decisions.

The assets millennials hold tend to be financial instruments like stocks, which are fundamentally different from the hard assets favored by past generations. Furthermore, millennials are more often opting for marriages after having secured assets and a career. This means they tend to get married with more to lose from property division or an alimony request. Increasing equality in the workplace has also meant that more women view prenuptial agreements favorably.

The benefits of a prenup can extend beyond existing and future asset protection in the event of divorce. They can also provide peace of mind during a time when emotions are volatile and children are relying on stability. Removing certain assets from divorce legal issues may simplify negotiations over other matters, such as child custody or relocation, spousal support and the division of any assets not covered by the prenup. North Carolina couples may turn to an attorney for assistance in understanding the potential scope of a prenuptial agreement.

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