Practical financial matters often concern Oregon millennials when they decide to get married. Worried about how a divorce might impact their future finances, they are driving an increase in the use of prenuptial agreements. Among lawyers surveyed by the American Academy of Matrimonial Lawyers, 62% of them had experienced an uptick in requests for prenuptial agreements. Just over half of them attributed the increase to millennials.
The tendency of this generation to marry at later ages compared to the preceding generations raises the possibility that people entering marriage possess some individual assets. They have already started their careers, made investments or hold stock options from an employer that might prove valuable in the future.
According to the Pew Research Center, the hardships of the 2008 recession that affected many young adults have left them sensitive to financial matters. A portion of younger adults also anticipate receiving an inheritance in their later years. A desire to protect such assets from a divorce motivates them to pursue prenuptial agreements. Female employment presents another factor driving the trend. Wives have higher salaries than their husbands more often than they used to. As a result, divorce could require ex-wives to pay alimony.
For these reasons, younger people have ceased to view prenuptial agreements as taboo or only for the very wealthy. Planning for a divorce, even if it never happens, has the potential to increase someone’s peace of mind. A person who wants information about family law and how a divorce might impact finances could consult an attorney. Legal advice might prepare someone to negotiate a settlement with a former partner. If disputes arise during the divorce, an attorney might suggest workable compromises.