Millennials in Illinois and other states are increasingly interested in prenuptial agreements before they tie the knot. One study showed that over 60% of divorce attorneys saw an increase in their clients requesting prenuptial agreements. Those who were surveyed reported that over 50% of those who requested prenuptial agreements were millennial clients.
There are several reasons why millennials may be more interested in prenuptial agreements than past generations. One reason is that they want to protect their assets. In comparison to baby boomers and Generation Xers, millennials do not own as many concrete assets, like property, but they have made significant investments in startup businesses and the stock market. One report said that 7 in 10 millennials have participated in some type of investment.
In comparison to individuals who came from older generations, millennials are getting married later. In the year 1962, one survey showed that out of all the 30-year-olds asked, 90% of them had been married at least one time. A similar survey done in 2018 showed that just over 50% of 30-year-olds had been married. Since many millennials are focusing on their professional careers first and then getting married later, it seems that they have more assets to protect.
One specific group of millennials interested in prenups are those who are expecting to receive some type of an inheritance or gift that they want to protect. It’s not just about a person protecting what they currently have; it is about protecting what they will eventually have.
Millennials and individuals from other generations who are interested in protecting their assets if their marriage ends in divorce may want to consult with a family law attorney. The attorney may provide practical advice on how to draw up a prenuptial agreement and take other steps to protect their assets in the case of a divorce.