Are millennials better prepared for divorce?

On behalf of South Tampa Law Group posted in divorce on Wednesday, October 3, 2018.

Asking for a prenuptial agreement is not exactly the most romantic thing in the world, but the negative stigma attached to these documents appears to be fading. More and more young couples in Florida are saying “I do” to the prenup. Although it does not appear as if millennials are going into marriage with the intention of getting divorced, it does indicate that they have more worth protecting.

A survey from the American Academy of Matrimonial Lawyers found that over half of respondents had noticed an increase in the number of millennial couples using prenups. Prenups are often associated with individuals who have significant family wealth or who are heading down the aisle for the second or even third time, but that does not appear to be the case for this increase. Instead, it could be linked to the rising age of marriage.

In 2005, the U.S. Census reported that the median age for marriage was 27 for men and 25.5 for women. As of 2018, those ages have jumped to 29.9 and 28.1. Couples now also spend an average of nearly five years before tying the knot. The higher age of marriage and longer periods of dating give individuals the opportunity to advance their careers, garner higher incomes and accumulate more property. Aside from property, most millennials are also saddled with a pretty significant amount of debt.

Prenuptial agreements are popular among millennials for not only protecting assets, but also for shielding themselves from their spouse’s debt. However, Florida family law can be complicated, and crafting an enforceable prenup may be an challenging pursuit. By each working with an experienced attorney, young couples can create an agreement that protects both of their interests, assets and more in the event of a divorce.