Millennials in Connecticut and across the country are using prenups a lot more often to cover property that is held separately, inheritances from family, business ownership interests and other assets. Part of the reason may be the millennial generation’s tendency to marry later than previous generations did. Since 2005, the median age for marriage has risen to 29.9 from 27 for men, and the median age for women has risen to 28.1 from 25.5.
According to Pew Research Center, the millennial generation has expanded to include anyone born between 1981 and 1996. It’s the youngest generation that can remember 9/11 directly and the first generation to enter the workforce during and following the 2008 recession. Pew went on to say that the state of the economy at the beginning of millennial careers had a significant influence on their financial decisions, including the choice to sign a prenup.
A study by the American Academy of Matrimonial Lawyers said that 62 percent of divorce lawyers saw an increase in the number of clients who wanted prenuptial agreements. From the same group, 51 percent of lawyers said they’d seen the number of millennials signing prenups increase. Women who are part of the generation are more likely to want to protect assets before they marry. The president of the AAML said it has become more common for women to want prenups that protect against alimony claims later. Prenups should be drafted to fit the specific circumstances and desires of a particular couple.
For people in Connecticut who are considering prenuptial agreements, a lawyer may be able to help by breaking down the ways in which such planning can be effective as well as where it may not reach. A lawyer with experience practicing family law might draft the necessary documents or help the parties identify assets and potential points of conflict later on.