Millennials tend to get a bad rap for everything from where they choose to eat to how they pursue careers. However, they just might be having a positive impact on how people view Texas family law. This generation understands that prenuptial agreements are not just for the wealthy, and they are ready to protect themselves from the possibility of divorce.
According to a study from the AAML — the American Academy of Matrimonial Lawyers — 62% of divorce attorneys have seen more and more clients who are interested in prenuptial agreements. Just over half of those said that millennials were the largest group requesting prenups. Considering that early adulthood looks much different now than it did in the past, it is perhaps not a surprise that millennials are eager to protect themselves.
The Pew Research Center says that millennials are generally more cautious when it comes to protecting their finances in marriage. This is because many millennials first started in the workforce around 2008 when the economy was in the throes of a recession. These young adults want to make sure that their future finances are secure even if they do get divorced.
Young adults today also have fewer tangible assets than older generations did at the same age. Instead, millennials are more interested in investing. The New York Post reported that approximately seven out of every 10 millennials are actively investing, especially when it comes to the tech industry. Since these assets can grow in value during the marriage, protecting them with a prenup is a good idea.
The reality is that even if a marriage feels perfect at the beginning, divorce is a real possibility for any couple in Texas. During divorce, a couple has to divide their marital assets, which can be difficult during an emotionally stressful period of time. By addressing marital and separate property, asset division and more in a prenuptial agreement, a couple can make sure that both parties’ interests are protected no matter what happens.