Millennials in California are more financially savvy than most people give them credit for. This generation has been careful to plan for the future, and that includes marriage and divorce. These young adults are leading the way in a prenuptial agreement revolution, leaving them far more protected than past generations.
A study from the American Academy of Matrimonial Lawyers found that 62% of family law attorneys have been seeing more clients regarding prenuptial agreements. Of these, 51% said millennials were largely driving the increase. Another study — this one from the Pew Research Center — suggests that millennials are more interested in protecting their assets because many had to deal with a difficult economy at the same time they entered the workforce.
While young adults might not have the same kind of concrete assets as their parents, such as homes, they still have things worth protecting. The New York Post reported that around seven out of every 10 millennials are currently investing in something. Investments in startup businesses, the tech industry and even the stock market are common choices. It is understandable that a person might not want to lose out on important income from investments should he or she end up divorcing.
California millennials are also bringing more assets in general to marriage. This generation is incredibly focused on building professional careers, and prioritize this over settling down and starting families. This means that a person might want to protect current assets as well as possible future assets related to his or her career.
Prenuptial agreements are sometimes portrayed as unromantic or a sign that a marriage is doomed. However, creating an agreement that protects both oneself and partner can be an incredibly caring gesture. Not only does it afford protections for current and future assets, but it can minimize fighting and better prepare both individuals should they decide that divorce is the most appropriate choice.
