In the past, prenups were usually associated with very wealthy or famous people. The word itself seemed to be a taboo, but millennial couples seem to be changing that, causing a significant increase in the number of prenups requested. For many New York couples, a prenup might be an option to consider as they plan their wedding and married life.
According to a study by the American Academy of Matrimonial Lawyers that polled lawyers on prenups requested, 62% of lawyers responded that they had experienced an increase in clients seeking prenups. Of those, 51% also indicated that they had seen an increase in millennial couples wanting to sign prenups. The reasons for seeking a prenup vary, and millennials have reasons that go hand in hand with their generational trends.
Millennials are marrying later but their financial property is not as concrete as those of past generations. Often, the assets millennials are interested in as they get married include stocks and investments that they wish to protect in case the marriage ends in divorce and they must negotiate for division of assets. These assets hold the promise of future return at the beginning of a marriage but might be worth a lot more a few years later. Another reason millennials are opting for prenups is to protect themselves from paying alimony and other types of support, particularly as more women join the workforce and husbands are not always the higher earner. Millennials are also concerned with protecting things such as future inheritances or valuable family gifts.
Prenups can protect couples when it comes to negotiating for assets during a divorce. However, even with a prenup, New York residents facing a divorce might benefit from the assistance a lawyer can provide, since the lawyer knows the current legislation and can guide them during their divorce.