7 Ways Millennials Are Changing Marriage, from Signing Prenups to Staying Together Longer than Past Generations
July 8, 2019
More and more millennials are changing marriage, signing prenups, and ultimately staying together longer than past generations. Want to know why?
Many millennials are subjects of divorce and with their experience growing up with divorced parents, they don't want to make the same mistakes. So, they're being strategic when it comes to love. They aren't in a rush to find their partner and when they do, they're both signing prenups to protect their assets. And we applaud the smart millennials because as a result, they are bringing the divorce rate down.
Here's how millennials are being strategic about marriage:
1. Millennials are fueling a declining divorce rate
According to Hillary Hoffower at Business Insider, she reported, “millennials are driving what experts have estimated is a 24% decline in the US divorce rate since the 1980s, Hannah Smothers reported for Cosmopolitan”
What's their secret? Many millennials fear breakups, so they are waiting for their perfect significant other instead of jumping headfirst into a marriage. They also are waiting to feel financially secure, before legally committing to their partner.
2. Millennials are marrying at a later age
Due to millennials taking more time to find the right partner and prioritize financial success is causing many millennials marry later in life compared to previous generations
3. Millennials are cohabitating and even buying homes together before marriage
Millennials are also buying homes together before getting engaged. This represents the generational shift that economic conditions are a higher priority than marriage.
4. More millennials aren't marrying at all
And some millennials aren't marrying at all! Many millennials are finding marriage less important.
5. More millennials are signing prenups
Prenuptial agreements which prior to millennials were exclusive for the wealthy to create a division of assets and finances in the event of a divorce. However, millennials are seeing prenups are a smart investment for marriage, in case their fear comes true and the marriage doesn't last forever. With a prenup, they can protect their interests, finances, and assets.
Learn more about millennials are changing marriage by reading the full article here. Interested in a prenup for you and your significant other? Contact David Veliz at Veliz Katz Law today.