This could be the case, but for marriage contracts, it`s about creating greater financial security – for both of you – and it requires careful consideration of possible changes in circumstances. As younger generations with more financial experience enter marriage, they begin to view marriage contracts not as a way to plan for failure, but to secure their financial future. While prenups traditionally protected the party with money – which was often the man and often led to resentment – millennials usually approach team deals. «The role of women in family relationships and structures is shifting,» Theresa Viera, a family law lawyer at Sodoma Law, told Business Insider. «With women graduating from college at higher rates, having access to higher wages than ever before, and single women buying homes more often than single men, we can see the effect of millennial women who want to protect their financial interests when they get married.» While millennials want to protect their property, they also want to make sure that debts are properly taken into account in the event of divorce. Given the explosion in the price of higher education, it`s no surprise that many millennials marry with a ton of student loans and debt. As a result, millennials ensure that they are not responsible for their spouse`s debt and require that the debt be properly allocated to the person who brought the debt to the marriage. According to Jean, the number of millennials applying for marriage contracts exploded by referring to the American Academy of Matrimonial Lawyers. More than half of the lawyers surveyed saw an increase in prenups among Millennials, and 62% saw an overall increase in prenups from 2013 to 2016. When it comes to millennial views on marriage, Kanye West may have preferred to say it – «We want Prenup.» Another factor could be practicability, since more than a third of millennials grew up with single or divorced parents. «They`ve seen what happened and they`ve lived life, so they accept that there`s a better chance of it happening,» Cannataro said.
The trend that millennials use the marriage contract to protect themselves and their financial future was seen in the 2016 American Academy of Lawyers survey, which showed that 51 percent of lawyers cited an increase in the number of millennials applying for marriage contracts, and 62 percent saw an increase in the total number of clients, who have searched for marriage contracts in the past three years. 5. Non-indebted millennials want the finances of spouses with student debt to be separated. Itani explains that another factor that leads to an increase in marriage contracts among young people is that millennials marry later in life than members of previous generations.