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Lawyers report increase in millennial prenuptial agreements

Texas residents in the 18-to-34 age group who are getting married might want a prenuptial agreement. The number of couples using these agreements has increased over a 20-year period. However, the American Association of Matrimonial Lawyers has reported the rise in prenups among millennials as a more recent phenomenon.

With this generation, the average age at first marriage has risen. This means both individuals have more opportunity to acquire assets such as a home, a retirement account and other investments. Millennials may be particularly concerned about holding onto these assets after struggling through the recession, and a prenup can help them do that. Furthermore, many millennials do not place much importance on marriage. Only 42 percent said it was a life goal in one survey. Another survey found the average millennial willing to forgo marriage for seven years in exchange for a major promotion. With marriage occupying a less central place in their lives, fewer millennials may be willing to risk their financial futures on it.

Other millennials may be struggling with significant debt. In 2017, the average student debt for college graduates was more than $38,000. In a divorce, debt may be divided, and millennials may be concerned about being made responsible for an ex-spouse's debt and want a prenup that prevents this.

There are a few points that people considering a prenuptial agreement should keep in mind. Drawing up such a document requires full financial disclosure from both individuals. Both people also need plenty of time to consider the terms of the agreement and separate legal counsel. For prenups in which either of these are lacking, people might later argue that they were coerced into signing or that they did not fully understand the terms of the agreement.

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