Despite being the target of a lot of jokes, the millennial generation may be the savviest generation yet when it comes to marriage and finances.
That’s because they’re realistic about the possibility of divorce — even when they’re in love. According to a recent survey, more and more millennials are hedging their bets before marriage and using prenuptial agreements to protect their property and wealth in the event of a divorce.
Alimony and real estate are two hot-button issues for many millennial couples. Alimony, or spousal support, is less common than it used to be — but it can still be awarded if the circumstances are right. Prenups can either eliminate alimony or set down terms that make everyone comfortable.
Real estate is another issue that can become complicated in a divorce. Even if the property was owned by one member of a couple prior to marriage, marital money that goes toward improvements could give the other spouse a stake in the property in the future. Millennials with investment property also often seek to insulate their holdings and gains in a property’s value against any claims from a spouse.
Prenuptial agreements often get a bad rap. Some people think that they signal distrust in a spouse before a marriage even begins. For realists, however, prenups offer a measure of security that allows them to enter a marriage without hesitation. A couple that negotiates the financial terms of a possible divorce while they’re still in love with each other is more likely to be generous and approach each issue fairly than a couple that’s already bitterly divided.
If the current trend toward prenups holds true, many family law attorneys can expect to see a bigger influx of millennial clients in the future as more come of age and take the plunge into marriage.