Are millennials still committed to marriage without a prenup? Studies show not so much. The U.S. Census Bureau recently released new data showing that U.S. women’s marriage and divorce rates declined from 2011 to 2021. Most millennials aren’t getting married at the same rate as previous generations. They’re also marrying later and are more likely to get a prenup than their parent’s generation. Some people typically think of prenups as legal agreements for the wealthy and powerful, but today, more Americans — especially millennials — are getting prenups.
This recent trend among millennials before tying the knot is due to an array of factors, notably that this generation has experienced shifts in economic and educational trends, including equalization of the workforce, and many of whom have witnessed their parents go through complicated divorces. So why are millennials choosing to opt for prenups? Kristen E. Marinaccio, an associate of Brach Eichler, believes many factors lead millennials to consider prenuptial agreements. “For starters, there are far more women engaged in the workforce today; and women are more financially independent than prior generations. Dovetailing off of that is that as both men and women focus on starting their careers, marriage has taken a back seat,” she tells ESSENCE.
Also, millennials marry later in life than their parents or, certainly, their grandparents, causing them to accumulate more assets through their hard work, prompting them to protect their material achievements more. Marinaccio also believes that student debt is another mounting change that makes millennials consider a prenuptial agreement. “One party may be coming into a marriage with hundreds of thousands of dollars in student debt. A prenuptial agreement can protect the non-debtor party,” she reveals.
Let’s not count out your future in-laws, as they can serve as a factor and play a role in the changing perception of prenuptial agreements. Many millennials, including myself, watched their parents or close family members go through a divorce. Marinaccio says, “They understand the probability of it occurring, and many know firsthand the toll divorce litigation takes on a family and want to avoid it. Millennials’ parents are also frequently the instigating factor behind a prenuptial agreement if the family has significant assets. Many millennial parents request their children to protect generational wealth transfers.”
Are millennials becoming more skeptical about marriage?
It’s hard to say. But what’s for sure is how millennials are intentionally approaching marriage and protecting their assets. Instead of thinking millennials are skeptical and apathetic to marriage, Marinaccio believes their lived experience and exposure to previous interpersonal dynamics guide these decisions. “Experience and exposure mean many millennials watched their parents or close family members go through a divorce. It was far more commonplace for them to be children of divorce than, then, say, their parents. There is a lack of naivety because many millennials experienced divorce and seem to understand the probability of it occurring and are adverse to re-experiencing such a messy disentanglement. Divorce is also far more widely accepted now than fifty or sixty years ago. There has certainly been a shift from “for better or for worse” to ‘things fall apart’ leaving divorce not as stigmatized,” she states.
Some considerations millennials should take before getting married.
Take time to consider the implications of marriage, as the act is a legal contract, although it’s hardly viewed that way. “The considerations we take when signing any other legal agreement, i.e., a mortgage, a car lease, or a business contract, are far more significant. Generally, we take the time to consider the implications of a contract we are signing, yet the same deference is not given to marriage, says Marinaccio.
She continues, “The emotional factor is the difference between marrying someone and leasing a car. However, there is also a lack of education regarding the legal consequences of divorce. Many clients do not know how spousal support or equitable distribution is determined when they come to me. Having that knowledge before entering a marriage is crucial. It helps parties to determine whether a prenuptial agreement is advisable for their situation. As the stigma around prenuptial agreements has begun to dissipate, all couples considering marriage should be discussing if such an agreement is appropriate for them. That is not to say that every couple needs a prenuptial agreement. But, for those, a prenuptial agreement allows parties to determine how they will handle the financial aspects of a divorce at a time when they still care for each other.”