Millennials make up the only generation in the past century or so that lived through two major recessions before turning 40 years old. It comes as no surprise that this generation would be especially cautious when it comes to money. One area this plays out is when it comes to marriage.
Business Insider reports that millennials’ marrying habits led to a 62% spike in prenuptial agreements. One main reason for this is that, unlike prior generations, millennials tend to wait until later to get married. At the time of marriage, many have acquired assets and want to protect those should the marriage fail.
Additional reasons millennials want prenups
Millennials do not view prenuptial agreements with the same mindset of it as a taboo contract, as many other generations do. This may stem from the changing gender roles in the millennial generation. Women no longer depend on men as much as they used to and have assets of their own to protect. In fact, the changing attitudes of women toward prenuptial agreements may account for one of the most significant factors fueling the change.
The benefit of foresight
One CNBC article points out that millennials may benefit from this foresight in the long run. This stems from the fact that prenuptial agreements may help couples to hash out some important details of the marriage and potential separation while still on good terms. This may include who becomes primarily responsible for the children during the marriage or how to divide retirement accounts after a divorce.
Prenuptial agreements do not offer a bandaid for every financial problem that may arise in a divorce. However, they may help to simplify separation if it ever occurs, while allowing the people in the marriage to maintain some peace of mind.