Trending: Prenuptial Agreements Between Millennials– Posted by Hillary J. Collyer
According to a recent survey of the American Academy of Matrimonial Lawyers (AAML), there is an increase in the number of Millennials requesting prenuptial agreements. This rise in Millennials interested in prenups corresponds with an overall increase in the number of clients of all ages seeking prenups. However, a December 21, 2016 opinion piece in the New York Times, http://www.nytimes.com/roomfordebate/2016/12/21/should-couples-get-prenups-for-their-ideas?, observes that unlike the generations before them, who have traditionally sought to protect current salaries, real estate, personal property, and inheritances, many Millennials are focused on protecting intellectual property, that is, aps, software, ideas, etc., including intellectual property that might not even exist yet.
Although the demand for prenuptial agreements has increased among Millennials, it remains to be seen whether they’ll actually need to enforce these prenups someday. The divorce rate has been declining even as fewer people are getting married and when they do marry, they’re getting married at later ages. We’ll have to see whether the theory that those who marry later in life are more likely to stay married proves to be true.
Prenups aren’t just for married couples anymore. See my February 9, 2016 blog, The Financial Risks of Living Together in Washington, which discusses the potential financial consequences of living with your significant other. Cohabitation can give rise to property rights in Washington State. If you are unmarried and considering cohabiting with your partner, you may wish to consider a cohabitation agreement, which is essentially a prenup for unmarried persons. Additionally, for tips about negotiating a prenup and making sure that your prenup will be enforceable in the event of an ultimate divorce, see my colleague, Christopher Yoson’s September 14, 2016 blog, Negotiating Your Prenuptial Agreement.
If you’re a Millennial living in the State of Washington (or a Gen Xer, Baby Boomer, or frankly a member of any generation) and need advice about a prenuptial agreement or cohabitation agreement, please feel free to contact me or one of the other family law attorneys at Lasher Holzapfel Sperry & Ebberson to set up a consultation.