Research suggests that more and more California couples are signing prenuptial agreements before marriage. Once thought to be the exclusive province of celebrities and the ultra-rich, prenups have become an option for couples of various means, especially as more people marry after establishing their careers. According to a recent study by the American Association of Matrimonial Lawyers, younger people are particularly likely to consider a prenup before tying the knot. Of the lawyers surveyed, around 62% said they have seen an increasing number of clients wanting a prenuptial agreement in recent years.
Many attributed the growing number of prenups to increased interest among millennial clients in particular. While fewer millennials own homes when they marry, many have retirement funds, investment accounts and stock options. Around 70% of millennials have some type of investment. In addition, millennials are likely to marry partners with similar income and career goals. When neither partner plans to stay home to care for children and both are dedicated to their careers, they may want to avoid excessively shared finances.
In addition, many millennials grew up with divorce in their lives and saw high-conflict separations with major financial disputes in their own families. If a prenup can give them the power to prevent that kind of conflict in their own lives, they may be more likely to seek one out for themselves. In addition, people with businesses of their own may be particularly motivated to seek out a prenup as some investors may back away if a firm is not protected.
People who are thinking about marriage have good reason to consider financial issues and the potential of divorce. A family law attorney can help a client draft a fair prenuptial agreement before a marriage.