In California and in other parts of the United States, there have been taboos about marriage and divorce that seem to be losing their power among certain parts of the population. An example of this can be seen when one looks at the view that many millennials have toward prenuptial agreements. In the past, prenuptial agreements were seen as only used by the wealthy, or they were seen as an indicator of divorce. However, a recent study shows a 62% increase in the number of clients asking their attorney for a prenup agreement. This increase seems to be driven by millennials.
There are a number of factors behind this. One factor could be that millennials, both men and women, are more focused on building their career prior to getting married. This means that they enter marriage with a better understanding of what money is, how it works and its value. They are concerned not only about their financial situation today, but they are also thinking about situations that could impact them in the future.
Since millennials bring more financial assets into marriage, they have a greater incentive to want to protect those financial assets. Unlike their parents and grandparents who focused on building wealth through concrete assets like homes and property, millennials seem to be more focused on investing in the stock market and gaining wealth through avenues connected to technology.
Part of being concerned about future assets is protecting any inheritance or family gifts one may receive in the future. They do not want any money they inherit to be given to their spouse if the marriage ends in divorce.
There are a number of factors one needs to consider when determining if a prenup is right for them. A family law attorney may be able to provide valuable information to their client that can help in determining how to word a prenup. The attorney may also help their client understand the divorce process and any laws connected to property division after a divorce.