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Prenuptial agreements more common among millennials

by | Apr 8, 2019 | Premarital Agreements

Millennials in North Carolina are becoming increasingly likely to ask for a prenuptial agreement. This is according to a survey of the American Academy of Matrimonial Lawyers (AAML). Of those surveyed, 51 percent said that they saw an uptick in the number of people between the ages of 22 and 37 asking for such an agreement. There are many reasons why this is the case, and one of them has to do with people getting married later in life.

This means that they may have assets such as retirement savings or a business that they want to protect. One takeaway from the AAML survey was that women were likely the ones who were starting the conversations about prenuptial agreements. It is not uncommon for women to be the sole or primary income earners in a relationship, and it is becoming more common to see them pay alimony or child support.

That could partially explain why they are interested in creating an agreement prior to getting married. However, some suggest that this is a result of changing gender roles and the rise of the dual-income household. The pay gap shrank to 4.6 percent in 2018 from 6.5 percent in 2011, which has also made it more likely that a woman could pay alimony in the event of a divorce.

The use of a prenup might make it easier to dissolve a marriage in a timely manner if the need arises. Typically, the terms of the agreement will determine who gets control of a given asset or if an individual is entitled to alimony. It may be a good idea to have an agreement reviewed by an attorney weeks or months before the wedding.