Rise in prenups attributed to millennials

Millennials who live in Tennessee might be more likely than their parents did to want a prenuptial agreement. Nearly two-thirds of the attorneys in a survey by the American Association of Matrimonial Lawyers said there had been a rise in couples asking for a prenup, and of those, over half said that more millennials were requesting them.

There may be a number of reasons for this rise. Millennials are investing more and tend to be financially cautious. They are marrying later than previous generations, and this could mean they have more assets when they enter the marriage that they hope to protect. A prenup can also be used to protect future earnings or assets. For example, a person may want to protect an expected gift or inheritance. A prenup could specify that a higher-earning spouse is not responsible for paying alimony to the other spouse.

People's ideas about prenups have changed as well. For most millennials, there is no stigma attached to a prenup. There also used to be a widespread belief that a prenup would make divorce more likely, but this has been largely discredited. Women, in particular, may be more likely to seek a prenup as their presence in the workforce continues to grow. Another survey by the AAML reported that women are increasingly responsible for paying alimony.

Without a prenup, a couple who is getting a divorce will have to reach an agreement on how to divide their property or go to court where a judge will do it. Many couples prefer to avoid litigation if possible. Mediation may help couples negotiate an agreement they are both satisfied with even if there is a significant amount of conflict in the divorce. While litigation takes a more adversarial approach, mediation works toward finding a cooperative resolution for both parties.