Up to half of all marriages in the U.S. will end in divorce.
So when it comes to marriage, Millennials are playing it safe. In fact, many are opting for prenups: legal documents that outline how assets are divided if they divorce.
A recent survey found 51 percent of attorneys said they’ve noticed an increase in the number of Millennials requesting prenups. One reason might be that they’re marrying later in life with more to lose, especially women.
In 1980 just 13 percent of women who lived with a male partner earned at least half the couple’s income. Today, that number has tripled.
Another factor might be the divorce rate. More than one-third of Millennials grew up with single or divorced parents.
Prenups are especially beneficial if either partner owns a business or property, has children from a previous relationship, plans to stay home to raise kids, was married before, has debt, has significant retirement funds, or will receive stock options during the marriage.
Experts say timing is everything. It’s best to discuss a prenup before you even get engaged.
Getting a prenup isn’t cheap. In fact, legal representation can cost $2,500 or more per person.
Some sites, such as rocketlawyer.com, avvo.com, and legalzoom.com offer discounts for consultations and document reviews. Experts say the important thing to remember is you both need lawyers and not the same one.