Different generations do things in different ways, and millennials are no exception. Unlike their parents and grandparents before them, this generation is more likely to cohabitate first, wait longer to marry and sign prenuptial agreements before walking down the aisle. In fact, their different approach to family law matters has resulted in a lower divorce rate for their age demographic.
Some California couples may only assume that a prenup is really only necessary in situations where a significant amount of wealth has already been amassed or there are valuable assets at stake. Millennials are not necessarily wealthy, but they often enter relationships with a lot of debt, such as from student loans. For this reason, many see the benefit in drafting these contracts to address how they will share marital debt in case of a divorce.
Not only are there more millennials asking for a prenup before marriage, more women are taking the initiative to ask for these contracts as well. Women often fare much worse than men in a divorce, and now they are taking more control over their financial future by securing certain types of protection before marriage. No matter the age or income of a California couple, there can be significant benefit in discussing financial matters that may come up in the future.
Millennials view family law matters differently, but they may be faring better than other generations when it comes to their divorce rate. There is also something to be learned from how this age group approaches shared finances and the timing of marriage. Planning for the future in a practical way through a prenuptial agreement is not planning on a marriage to end but can provide important protections just in case it does.