Millennials in California and across the globe are showing themselves to have different priorities than the generations that came before them. This shift in priorities has led to changes in the way that millennials look at marriage and the possibility of divorce. A survey showed that there has been a 62% spike, driven by millennials, in people getting a prenuptial agreement.
There are a number of factors that seem to be behind this shift. A lot of it appears to be connected to the way millennials are investing in their financial future. Baby boomers and generation Xers were a lot more invested in concrete assets, such as purchasing a home or other properties. Millennials are more inclined to invest in the stock market; their interest is not only in protecting what they have now, but they are also interested in protecting what they may possibly have in the future in the event of a divorce.
Unlike their parents and grandparents who got married in their early 20s, millennials are waiting until their late 20s and early 30s to get married. This allows them to develop their career and build up some financial assets prior to marriage. Millennials go into marriage with more to protect, which leads to this increased interest in prenuptial agreements.
When millennials left college and first got into the workplace, it was around the end of the 2000s. The year 2008 saw a huge economic downturn, which had a destabilizing effect for millennials. Realizing that drastic financial changes could happen at a moment’s notice, some millennials may see a prenuptial agreement as a way of insulating themselves from future financial challenges.
A family law attorney may be able to help a client looking to craft a prenuptial agreement. The attorney may explain the laws pertaining to prenups as well as the laws connected to the division of property and explain other practical issues that could arise in the event of a divorce.