What Makes Prenups So Attractive To Millennials in New Jersey?
Handling Prenuptial Agreements from a Millennial Perspective in New Jersey
Millennials, also known as Gen Y, are a generation born between 1981 and 1996. Today they are from 26 to 41 years of age. Their name comes from the fact that the first to graduate from high school did so in the year 2000, the new millennium. They are the children of baby boomers and late Generation Xers. They are often characterized as technologically savvy, socially conscious, and diverse but have also been labeled as self-absorbed, overly sensitive, and lazy.
Unique Characteristics Among Millenials
Millennials grew up in an era of rapid technological advancements and widespread internet and social media adoption. As a result, they are generally comfortable with technology and are often early adopters of new digital tools and platforms. They were exposed to landline telephones and a budding cell phone age. Dial-up was becoming a thing of the past, and faster internet opened up a world of social and educational possibilities.
They strongly desire to impact society positively and are often attracted to careers and companies that positively impact society. They are often attracted to jobs and companies prioritizing quickly adapting to change. They expect more feedback and guidance from management than previous generations and value having a healthy work-life balance.
Regarding diversity, Millennials are the most racially and ethnically diverse generation in the United States, with a significant portion of the population identifying as non-white. This diversity has influenced their perspectives on immigration, LGBTQAI2S+ rights, and racial justice. Millennials are also known for being socially conscious and politically engaged. They are participants and value their voting rights and responsibilities.
Economically, Millennials got the short end of the stick. They grew up in an unstable economic status regarding housing, the gigantic surge of divorce during their childhood and adolescence, and employment instability. They were the first graduates to accumulate hundreds of thousands of dollars in college debt as scholarships were harder to obtain and for lower amounts than in previous times. Their parents could not afford to pay for their education, so student loans were the only way to go.
For Millennials, relationships are frequently internet dependent. Millennials use dating apps to meet potential mates rather than go to a bar or club. They have fewer sexual partners than Generation Xers had at their age and began sexual activity later than their predecessors. They are in their mid 20’s the to early 30s before entering into a serious relationship. Millennials are looking for the whole package: fit, stylish, intelligent, cultured, funny, employed, and like-minded, although the physical aspects of a potential partner are frequently ignored when a match is found.
What Makes Millennials Different From Gen Xers or Boomers?
Boomers were born between 1946 and 1964, Gen Xers were born between 1965 and 1980, and Millennials were born between 1981 and 1996. This means that Boomers are between 57 and 75 years old, Gen Xers are between 42 and 56, and Millennials are between 26 and 40.
Millennials are the first generation to grow up with the internet, smartphones, and social media. This has shaped their communication styles, information consumption habits, and social behaviors. Gen Xers grew up with more traditional forms of media, such as television and print. At the same time, Boomers came of age during a time of rapid technological change, including the introduction of the personal computer.
Millennials are often characterized as job-hoppers who value work-life balance and meaningful careers. On the other hand, Gen Xers were the first generation to experience widespread corporate downsizing and have been known for their entrepreneurial spirit. Boomers, who grew up during economic prosperity, often prioritize stability and loyalty in the workplace.
Millennials are the most diverse generation in U.S. history, with high levels of racial and ethnic diversity and religious and cultural diversity. This has shaped their values and worldview and has led to a greater emphasis on social justice and inclusivity. Gen Xers are also diverse but to a lesser extent. Boomers are the least diverse group, especially regarding religion and culture.
Millennials tend to be more progressive and liberal than previous generations, emphasizing social justice, environmentalism, and equality. Gen Xers are more politically independent and pragmatic, while Boomers are more likely to be politically conservative and traditional.
Regarding social characteristics, their parents told Millennials they could be anything they wanted and that the sky was the limit. They were rarely not in the presence of their parents, and family activities were frequent. Gen Xers are frequently referred to as the “feral” generation as they played outside for hours without parental supervision and relied on friendships with their peers for socialization. For Boomers, their goal was the “American Dream” achieved by getting a good education and a steady job. However, social issues such as racism and gender equality overshadowed their upbringing.
Overall, while there are certainly differences between these three generations, it’s important to remember that individuals within each generation are still unique and complex, with their own experiences and perspectives.
What a Prenup Does for Millenial Couples
Frequently, when people hear the word “prenup,” they think of Hollywood couples or wealthy families when anyone can (and should) get a prenuptial agreement. A prenup is a legal agreement between two people before they get married. The agreement outlines the division of assets, property, and debts in the event of a divorce or separation.
Prenups typically address issues related to property, finances, and inheritance. They can specify how assets will be divided, what happens to property acquired before and during the marriage, and whether spousal support or alimony will be paid in the event of a divorce.
They are often used to protect assets one or both partners have accumulated before marriage. They can also be used to establish financial expectations and responsibilities during the marriage, such as how bills will be paid and how joint bank accounts will be managed.
While prenups can be controversial, they provide peace of mind for both parties, ensuring that assets are divided fairly and according to a pre-agreed-upon plan. However, it’s important to note that prenuptial agreements are not always legally binding, and they can be challenged in court if they are deemed unfair or violate specific legal requirements.
Why Are Prenups so Attractive to Millennials?
Millennials are getting married later in life than previous generations, which means they are more likely to have accumulated assets and property before getting married. As a result, they want to protect these assets with a prenup.
Millennials tend to have a more practical approach to marriage than previous generations. They view marriage as a partnership, and a prenup can be seen as a way to establish clear expectations and responsibilities from the beginning. Moreover, the reality of divorce is something they are familiar with. Over 70% of Boomers were married before their 28th birthday. Boomers were not fond of divorce, and many decided to “stick it out for the kids,” leaving Millennials to grow up in dysfunctional households while Gen Exers married young and divorced in their 30s and 40s. Millennials became all too familiar with switching homes every other weekend. Many Millennials are unfamiliar with healthy marital relationships in their families and want a parachute to protect them if the marriage goes south.
Many Millennials have significant student loan debt, and a prenup can help protect each partner’s finances and ensure that the debt is divided fairly in the event of a divorce. They don’t want to get saddled with their spouse’s college loans.
Millennials are more likely than previous generations to have been married before, which means they may have already gone through the process of dividing assets and property during a divorce. A prenuptial agreement can provide added protection and peace of mind for those who have been through a divorce.
Elements Millennials Are More Concerned About Including in a Prenup
Millennials may have accumulated significant assets before entering into a marriage, such as a home or investment portfolio, that they want to ensure are not subject to division in the event of a divorce. A prenuptial agreement can help couples establish expectations around financial responsibilities during the marriage, including how debts and expenses will be shared and how assets will be managed. Many millennials carry significant student loan debt, and a prenuptial agreement can be used to clarify how that debt will be managed during the marriage and in the event of a divorce.
Millennials are starting businesses at a higher rate than previous generations and may want to ensure that their business interests are protected in the event of a divorce. Believe it or not, Millennials are including a pet-nup in their agreement. Some included visitation schedules, custody, and who pays for the health and welfare of the pet. If the couple considered having a family through IVF or surrogacy, a prenup could indicate what would be done with frozen embryos in case of a divorce. There is very little legislation in this area, so the couple must keep their wishes on paper.
Celebrities and non-celebrities alike include a form of NDA (non-disclosure agreement) in their prenup by establishing boundaries regarding what can and cannot be posted on social media if the couple were to divorce. Private information such as any extra-marital relationships, comments attacking their ex’s credibility, posts about financial issues, or comments of a more personal nature can be squelched with a rock-solid prenup.
By creating a prenuptial agreement, Millennials can reduce the potential for conflict and disagreement in a divorce by establishing clear guidelines for asset division, financial responsibilities, and other subjects of interest, thus preventing a messy breakup.
Consult a Skillful New Jersey Prenup Attorney in a Free Consultation
The Montanari Law Group can provide you with the legal advice you need to create a prenup to help you understand how a prenuptial agreement can impact your rights. We can draft the prenup to ensure that it meets all legal requirements, is comprehensive, covers all relevant issues, and is customized to your needs and circumstances. Our family attorneys will work with you to create a prenup that is made according to your needs and ensure that the contents within are legally valid and enforceable in Ringwood, Passaic, West Milford, Montvale, Hawthorne, South Orange, Haledon, Nutley, Woodland Park, Hackensack, South Orange, Short Hills, Millburn, and nearby towns across Northern New Jersey. By working with us, you will negotiate a document that is unique to what you and your future spouse think is most important.