Illinois residents may find it interesting to learn that the 62% increase in married couples getting prenups is being driven by millennials. One of the forces that may be driving this increase is a change in financial focus seen in millennials. According to some, they are less interested in purchasing a home and more interested in the stock market. Going into marriage, it is possible that they have significant assets that they want to protect.
Millennials first entered the workforce around the economic downturn that took place during 2008. Many saw firsthand the effect that a turbulent economy can have on one’s finances, and so they are eager to protect themselves from future upheavals. The increased interest by millennials in soft assets means that while they do not go into marriage with concrete assets like people did in the past, they are financially invested and want to protect that investment.
Millennials are also waiting longer to get married. Baby boomers and Gen Xers got married in their early 20s. Millennials are waiting until the later 20s or early 30s. This has allowed them to focus on their professional career, which means they have more assets to protect when they do get married. Millennials are not solely focused on the now but are also thinking about their financial future; they are looking to protect any family gifts they get in the future or any inheritances they may receive. In situations where one partner is making significantly more than the other partner, a prenup may be seen as a way to protect oneself from future alimony payments or other forms of financial support.
Millennials who are planning to get married may wish to meet with a family law attorney. A family law attorney may be able to sit down with their client and review ways that their client can protect themselves going into marriage so that if the marriage does end in an divorce, the divorce might not be so financially damaging.
