PUBLISHER’S NOTE: While this blog addresses Pre-nuptial Agreements, the same rational equally applies to millennials executing Post-Nuptial Agreements. On March 23, 2023, Ohio adopted legislation allowing married couples to now negotiate and execute Post-Nuptial Agreements after marriage. The 2 nuptial agreements are very similar. I have posted several articles on the Ohio Family Law Blog about Post-Nuptial agreements since that law was adopted. Use my SEARCH tool above to find them!
With the increase in student loans and previous debts, millennials are looking to ensure that they are not responsible for debts incurred by their spouse should the union dissolve
Baby boomers, and many generations before, used to dream about finding the right one, getting married and living happily ever after, never giving any thoughts about what happens if things didn’t go right. Pre-nuptial agreements were just a thing for movie stars and rich people or stereotypically, men who were financially wealthy and wanted to protect their wealth from a potentially “gold digging” wife. It used to be that pre-nuptial agreements were frowned upon. They seemed to be sending a message that you weren’t serious about the responsibilities of getting married.
However, times have changed. The millennials have led the way in being champions of the pre-nuptial. Millennials to clarify, are anyone born between 1981 and 1996. There no longer seems to be a taboo associated with asking for and signing a pre-nuptial agreement before entering into a marriage contract. A variety of studies in the past year analyzing millennials and marriage trends show that they are entering marriage with the hope that it will last, but they are going in with the though it may not last forever. This attitude is most likely because divorce has become much more “normalized” in the generation before millennials. The vast majority feel that nothing including a “happily ever after” is guaranteed. A record number of couples are taking a proactive approach, and if you will, planning an “escape plan” in case things just don’t work out.
In a study conducted recently by the American Academy of Matrimonial Law, 62% of lawyers reported an increase in clients seeking a pre-nuptial agreement and 51% saw an increase in millennial couples requesting the preparation of a pre-nuptial agreement. Click here to read more about this study.
Pre-Nuptial Agreements: Many millennials have either been a product of divorced parents or have witnessed friends go through the divorce process
After researching many online articles explaining why so many millennials are interested in signing property division agreements before entering marriage, I found a common thread for their reasoning.It seems that millennials are waiting later in life to marry than previous generations and are more focused on their professional careers. Often, they have more assets to protect once they do “tie the knot”. Perhaps they have also received financial gifts from family or have an inheritance they want to protect.
Many millennials have either been a product of divorced parents or have witnessed friends go through the divorce process. They want to have a definite plan in place to avoid many of the potential heated points of contention in a divorce such as paying alimony and preserving their non-marital assets and property.
An increase of women entering the workforce may also be a reason why there is a rise in pre-nuptial agreements. More and more women are coming into a marriage with their own separate assets and are anxious to protect them in case of a divorce.
With the increase in student loans and previous debts (such as credit card debt or other loans), millennials are looking to ensure that they are not responsible for debts incurred by their spouse should the union dissolve.
Pre-nuptial agreements considered a common part of the wedding planning process for Millennials
Pet “custody” can also become a very emotional part of divorce, so incorporating language about custody of pets is often part of a millennial prenuptial agreement – attempting to assure that your spouse would not be able to take a pet away from you during a divorce.
Millennials express how important it is to be very candid and transparent about their wishes and expectations going into a marriage. Having it all in a written and enforceable contract is somewhat like having an insurance policy, bringing a certain piece of mind knowing that you have protected each of your respective interests. Negotiating a fair pre-nuptial agreement is now considered a common part of the wedding planning process.
Experienced, Trusted and Professional Dayton Divorce Lawyers
Our experienced Dayton divorce lawyers at Holzfaster, Cecil, McKnight & Mues can assist you with your divorce, dissolution, Pre-Nuptial or Post-Nuptial agreement related questions. To learn more, please go to our website at www.hcmmlaw.com or call us at 937 293-2141. We can schedule an in-person conference or one by phone or Zoom. We look forward to assisting you and answering your questions!
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Attorney Robert “Chip” Mues has been focusing his legal practice throughout Southwest Ohio primarily in divorce and family law matters since 1978. Chip is passionate about family law and has proudly published the Ohio Family Law Blog since 2007. In addition, he is the managing partner of Holzfaster, Cecil, McKnight & Mues. To learn more about him or the law firm, visit the firm’s website at www.hcmmlaw.com. Appointments are available in person, over the phone or by Zoom. Call us at 937 293-2141.
