In recent years, there has been a noticeable increase in the number of millennials opting for prenuptial agreements before tying the knot. This trend reflects changing attitudes toward marriage, financial planning, and asset protection among younger generations.
At Miller Law Group, P.C., we have observed this shift firsthand and are here to provide insight into why prenuptial agreements are becoming more popular among millennials in Massachusetts—and nationwide.
Why Are Millennials Embracing Prenuptial Agreements?
Marrying Later in Life
Millennials are generally marrying later than previous generations. According to the U.S. Census Bureau, the median age for first marriages in the United States has risen to 30.5 for men and 28.1 for women as of 2021. Marrying later often means individuals have had more time to accumulate assets, build careers, and establish financial independence.
Student Loan Debt & Financial Obligations
The average student loan debt per borrower in Massachusetts was approximately $33,256 in 2019. With significant financial obligations, millennials are keen to protect themselves and their partners from existing debts. A prenuptial agreement can outline responsibility for these debts, preventing future disputes.
Home Ownership & Property Investments
According to the National Association of Realtors, millennials make up 38% of home buyers, surpassing baby boomers to become the largest group of home buyers in the country. This means that they are more likely to own real property before marriage or to own a home or investment property when entering into a second marriage.
Rise of Entrepreneurship & Side Gigs
Many millennials are entrepreneurs or have side businesses. Protecting business assets and intellectual property is a crucial concern. A prenuptial agreement can safeguard these interests, ensuring that a business remains with its original owner in the event of a divorce.
Children from Previous Relationships
Some millennials enter marriage with children from previous relationships. A prenuptial agreement can help protect the inheritance rights of these children and ensure that assets are distributed according to one's wishes.
Changing Attitudes Toward Marriage & Divorce
There is a pragmatic recognition among millennials that not all marriages last a lifetime. With the divorce rate hovering around 39% in the U.S., prenuptial agreements are often viewed as a practical step in marriage planning.
Benefits of a Prenuptial Agreement
Prenuptial agreements offer significant benefits by establishing clear financial boundaries and expectations for both parties entering into a marriage. They safeguard assets acquired before marriage, such as property, investments, and savings—which millennials are likely to have. By specifying who is responsible for existing and future debts, as well as protecting family heirlooms and inheritances, prenuptial agreements can bring millennials and people of all ages much-needed peace of mind.
In all, prenups can prevent future confusion and can reduce legal costs and emotional stress if the marriage ends.
Massachusetts Law on Prenuptial Agreements
In Massachusetts, prenuptial agreements are generally enforceable if they meet certain criteria. Under a practice known as the “second look,” courts will scrutinize prenuptial agreements for fairness and may invalidate provisions that are unconscionable or violate public policy.
Prenups must meet the following criteria:
- Fair & Reasonable Disclosure: Both parties must fully disclose their financial situations.
- Voluntary Execution: The agreement must be entered into freely without coercion.
- Substantive Fairness at Execution & Enforcement: The terms should be fair at the time of signing and at the time of enforcement.
How Miller Law Group, P.C. Can Help
The rise of prenuptial agreements among millennials signifies a shift toward proactive financial planning and open communication in relationships. If you're considering a prenuptial agreement, consulting with a knowledgeable family law attorney is essential. At Miller Law Group, P.C., we have extensive experience drafting, reviewing, contesting, and upholding prenuptial agreements for our clients. If you have questions about prenuptial agreements or need assistance with any family law matter, we're here to help.
Call us at (888) 874-2142 for a free, no-obligation consultation. Let us put our collaborative legal team in your corner.