A growing number of California millennials are opting for prenuptial agreements when they choose to marry, according to data from the American Academy of Matrimonial Lawyers. Prenups have actually grown more popular for people in every age range; their frequency of use has shot up five times over in the past 20 years. More recently, however, the use of prenups has grown significantly among people in the 18 to 34 age range. There are a number of reasons why young people marrying may opt for prenuptial agreements, especially when marriage itself has become less of a priority for many.
In the first place, millennials are more likely to marry at slightly older ages than people in the past. Men marry at an average age of 29 and women at 27, an increase of three and four years respectively over the averages in the 1980s. While there are only a few years of difference, those years form a significant career-building time. When millennials marry, they are more likely to have retirement accounts at their jobs. In addition, some have stakes in startup companies that they want to keep clear of the marital estate.
Debt can be a major issue as well. In fact, many millennials cite financial insecurity as a reason for putting off marriage. Unemployment and student loan debt loom large on that list of concerns, and many people may wish to use a prenuptial agreement to lay out responsibilities for student loan debt.
Prenuptial agreements can be an important part of financial openness even when the couple plans to stay together for the rest of their lives. However, it is important that both parties are represented by family law attorneys during the process of creating the prenup.