Why are more young couples getting prenups?

On Behalf of | Jan 4, 2020 | High Asset Divorce |

Not every New Jersey couple that ties the knot will remain with their partner for the rest of their lives. No one wants to enter a marriage believing it will end. However, studies show that younger generations are facing that possibility head-on.

Business Insider examines the rate of prenuptial agreements among young couples. Also known as prenups, these agreements have had a stigma for many years. Still, over half of the lawyers surveyed said they saw more younger couples requesting prenups. In fact, some reports show that prenup requests have risen up to 62 percent between 2013 and 2016.

Why is there a rise in prenup requests? It might be due to younger couples waiting longer to get married. The average age of marriage has risen 2 to 3 years. People date longer before tying the knot as well. The average dating period has risen to almost 5 years. In this time, young people can accumulate a fair amount of assets and wealth. They want to protect this when going into a divorce.

Another possible factor is family history. Up to a third of the millennial generation grew up as children of divorce. They have seen the financial havoc it can wreak firsthand. It is only natural that they would make preparations in the event of divorce. To them, it is not something to shy away from. It is a real possibility that is wise to consider.

As the stigma of prenups continues to fade, more people are opening themselves to the possibility of requesting one. It is a good way to protect assets while remaining realistic about what the future may bring.



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