In past generations, South Carolina residents were more likely to enter into marriage with concrete assets, like homes and property. It would seem that millennials are less interested in concrete assets and more interested in investing in the stock market. This shift in financial focus as well as a change in certain beliefs pertaining to marriage and divorce may be contributing factors to what one study showed as a 62% increase in clients asking their lawyers for prenuptial agreements. It seems that this increase is driven by millennials.
Millennials grew up in a world that seemed less financially stable than the one their parents grew up in. Many millennials first stepped into the job market toward the end of the 2000s during the strongest part of the economic downturn. They felt firsthand how tumultuous the economy could be, and this has led many to look for ways to protect themselves financially from any future economic upheaval.
Millennials are getting married later than their parents; it was common for Gen Xers and baby boomers to get married in their early 20s. Millennials, however, are waiting until their late 20s or early 30s. They are using these first years of their adulthood to establish themselves financially. As a result, they are bringing more assets into the marriage. This may cause them to feel that they have more to protect in the event of a divorce.
Millennials have a different perception of prenuptial agreements than past generations. It is not seen as a taboo or an indicator of divorce. Instead, it is seen as a smart financial decision that can protect both spouses if the marriage ends in divorce.
It could be beneficial for an individual considering a prenup agreement to discuss it with a family law attorney. A family law attorney may be able to provide practical advice on how a prenup agreement should be written, what the local laws are pertaining to the division of property and other valuable information about the divorce process.