PRENUPTIAL AGREEMENTS ON THE RISE
Jan 20, 2017 08:47AM ● Published by Face Editor
The millennial generation might become synonymous with selfies, social media, and prenups. According to a recent survey of the American Academy of Matrimonial Lawyers (AAML), 51% of the attorneys cited an increase in the number of millennials requesting prenuptial agreements. In addition, 62% of the respondents have seen an increase in the total number of clients who are seeking prenups during the past three years. The top three items most commonly covered by the marriage contracts were cited as “protection of separate property”, “alimony/spousal maintenance” and “division of property”.
“Couples are getting married at later ages these days and are consequently entering their relationships with more to protect in the event of a divorce. A prenuptial agreement often represents the most effective way to address these concerns and safeguard individual assets before exchanging vows,” said Joslin Davis, president of the American Academy of Matrimonial Lawyers. “Members of the millennial generation are particularly choosing prenups as the best option to cover separate property holdings, business interests, anticipated family inheritances and potential alimony claims.”
Overall, 62% of AAML members have seen an increase in the total number of clients seeking a prenuptial agreement throughout the past three years. In addition to the top three items selected as the categories most often covered by prenups, the next three most common areas selected were “protection of the increase of value in separate property”, “inheritance rights”, and “community property division.”
Sounds like the millennials have figured out what every school kid in America thinks about their stuff—what’s mine is mine and you can’t have it.
Enjoy the honeymoon!
Source: American Academy of Matrimonial Lawyers