There was a time when prenups were primarily for wealthy families or couples that were entering into their second marriage. However, there are many reasons why prenuptial agreements in Champaign are becoming the norm amongst millennials. In fact, according to a study conducted by the American Academy of Matrimonial Lawyers (AAML), 62% of divorce attorneys revealed an uptake in clients requesting prenuptial agreements and 51% of that group stated that they experienced an increase of millennial clients requesting prenups.
The most obvious reason for a prenup is to protect assets accumulated either before or during the marriage; however, some reasons millennials choose to get a prenup are not so obvious. Below are seven more reasons why prenups are on the rise with millennials.
Student Loan Debt and Financial Reasons
Many millennials are looking to implement a prenup because they do not want to be burdened by their future spouse’s student loan debts and financial obligations. Student loan debt is at an all-time high.
They Have More Assets to Secure Because They Get Married Later in Life
Because more and more people are getting married later in life; they have more assets to protect. By focusing more on their careers, they have been able to accumulate wealth via their employer’s stock program, 401(k), and even real estate investments.
They Don’t Want to Repeat the Same Mistakes Their Parents Did
They may even be a bit more skeptical of marriage and view a prenup as a way to safeguard their financial future for their retirement. Many millennials have watched their parents go through a tumultuous divorce and are being proactive in protecting themselves and their assets.
They Want to Protect Their Most Prized Possession: Their Pets
More and more millennials are pet owners, and they consider their pets to be like their “children” and want to make sure that if the marriage were to end in divorce, they would still have custody of their beloved pet that they acquired before the marriage.
They Don’t Want to Be Responsible for the Credit Card Debts of Their Future Spouse
Many millennials are also being smart about credit card debt. They want to make sure that the prenup will have a clause that states the credit card debt of their future spouse will remain the sole responsibility of their spouse in the event the marriage were to end.
Millennials Also Want to Safeguard their Inheritance and Assets They Will Acquire in the Future
Not only is it imperative to protect your current assets but it is also important to have a prenup in place to protect what you anticipate earning or acquiring in the future. A prenup ensures that you can retain what you have worked so hard for all those years.
Need Assistance with a Prenup Agreement?
Contact Rincker Law today at (217) 531-2179, they have years of experience helping millennials with prenuptial agreements in Champaign. Schedule a confidential consultation today to get all your prenup questions answered.