In 1983, the Uniform Premarital Agreement Act (UPAA) was drafted as a response to the growing number of people who wanted to get married and pursue a career outside of the house.
As the years passed, prenups became associated with celebrity entertainers and those with a high net worth. However, attitudes towards prenups are changing once again as millennials and gen-z begin getting married.
Changing Attitudes Towards Prenups
According to a study conducted by the American Academy of Matrimonial Lawyers (AAML), 62% of divorce attorneys surveyed reported an increase in the total number of clients requesting prenuptial agreements in recent years.
Why Younger Couples are Getting Prenups
People are getting married later in life.
Unlike many of their parents, millennials and gen-z are getting married later in life. According to a recent report, the average marriage age is 32 years old — just 12 years ago, the average couple got married at age 27.
Because people are getting married later in life, they’re coming to the union with more personal assets, like a home, car, and savings. If the marriage does end, many people don’t want the things they worked hard for to be taken from them.
The Pew Research Center has also argued that because millennials entered the workforce during the financial crisis of 2008, protecting their finances is a high priority.
Mounting student loan debt.
The average millennial has nearly $28,000 in debt, much of which is due to credit cards and student loans. If a divorce were to take place, many people want to make sure that they will not assume their partner’s debts.
They’ve seen previous marriages fail.
The truth of the matter is, many millennials and gen-z are children of divorced parents or have close friends who are children of divorce. They’ve seen previous marriages end in divorce and understand that it’s a possibility.
New concerns and priorities have come up in recent years.
Many prenups are relatively straightforward, however the world has changed over the years and so have people’s priorities. Nowadays, it’s not uncommon for a pet to be included in prenuptial agreements. Many people also include clauses about social media. To avoid potential conflicts, many couples include what can and can’t be said on social media during the marriage or in the event of a divorce.
The Benefits of a Prenup
Nearly every couple gets married under the assumption they’ll be together forever. Unfortunately, that’s not always the case. If a marriage does end in divorce, having a prenup in place can help in a number of ways.
Open communication before marriage.
A prenuptial agreement forces couples to discuss things they may have been avoiding or haven’t yet thought of. Finances, lifestyle choices, and job opportunities will all be discussed during the creation of a prenup — this can strengthen a couple’s bond and actually help start their marriage off on the right foot.
Save time and money.
Divorces can be complicated, time-consuming, and costly. If you have a prenup in place that addresses most legal issues (asset division, childcare, etc.), you may be able to avoid a bitter and lengthy divorce.
Protect yourself and your assets.
Prenuptial agreements need to be fair to both parties. However, there are many ways you can protect yourself, your assets, and your livelihood. By defining what qualifies as marital property and how it will be divided in a divorce, you can ensure your (and your family’s) future is protected.
Are you interested in getting a prenuptial agreement? At our Seattle family law firm, we believe in high-quality counsel that comes at reasonable rates. Everyone deserves exemplary legal care, and that is what you will find at Wakefield Legal, PLLC. Help is always just a call away! Request your case evaluationonline or call (206) 966-6933