Prenups are on the rise among those ages 18 to 35. According to the American Academy of Matrimonial Lawyers, more than half of all United States family law attorneys have seen an increase in prenups over the last three years than ever before. And, when it comes to millennials, attorneys polled report having seen an increase in those clients requesting prenups from its previous 5-percent to the 25-percent that it is today.
That being said, the prenups that millennials tend to request deviate from more traditional ones. Instead of focusing on potential future alimony and possible inheritances, clients seem to be requesting prenups that focus more on protection of intellectual property rights, such as technology ideas, books, plays, or software they have not yet created.
The initiation of requests for prenups are also being waged by women, a trend that is thought to be tied into the increased involvement of women in the workforce. As women have become successful in moving up the corporate ladder, their interest in protecting what they earn, both now and in the future, has also increased.
With that in mind, the increase in prenups that’s currently being seen comes at a time when the divorce rate has fallen, in large part, due to less people getting married or individuals getting married at a later age. Couples have instead embraced living together with one another without feeling the need to formalize their relationships by marrying.
This type of living arrangement has given way to these individuals requesting cohabitation and partnership agreements as well. These types of agreements have gained in popularity largely because of complications confronted by these individuals as it relates to inheritance rights, healthcare, and paternity in the absence of one.
If you or someone you know is contemplating getting a prenuptial agreement, the advice and counsel of an experienced Texas prenup attorney might help you explore the best options available to you based on your current set of circumstances.
Source: Bloomberg, “Prenups for Ideas Are All the Rage With Millennials,” Polly Mosendz, accessed March 03, 2017