Millennials are also proactively choosing to make such significant sacrifices for career advancement, according to a separate survey by Wakefield Research for Graebel, a corporate relocation service. About 71 percent would be willing to postpone marriage and 72 percent would be willing to delay having children to relocate for a job in a desired location, Wakefield Research said.
“They’ve been on their own, accumulated some wealth, either from a 401(k) or a stock program provided by their employer or some real estate, and they want to make sure that’s theirs if there are problems down the road,” according to John Slowiaczek, president of the AAML.
In fact, the top three areas most commonly covered by the marriage contracts were “protection of the increase of value in separate property” followed by “inheritance rights” and “community property division,” the AAML said.
Couples aren’t just bringing assets to a marriage these days. They are also saddled with outstanding student loan debt, which now stands at a record $1.5 trillion.
Prenups, which safeguard individual assets such as retirement accounts, real estate and investments, can also cover one partner’s student loan or credit card debt.
Aside from the bottom line, their own experience may also play a role, Slowiaczek said. “Many millennials are children of divorce,” he said. “They are predisposed to protect their interests.”
In that case, a prenup also offers the chance to hash out how a divorce handles issues, such as how a partner might be compensated for leaving the workforce to care for their children.
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