The so-called Millennial generation is often derided for, among other things, a perceived lack of fiscal responsibility. This is why a recent family law study is making waves, suggesting that millennials in British Columbia are far more open to prenuptial agreements than their predecessors were. There are a number of reasons why this might be the case.
For one thing, millennials often possess more substantial assets by the time they choose to marry than their parents’ generation. This is partly because millennials are waiting until their 30s to get married, a major departure from the early 20s standard of the previous generation. This additional ten years is enough for some millennials to have accrued larger assets like vehicles or even homes.
As a result, many millennials approach the idea of a prenuptial agreement from the perspective of responsibility. Some individuals polled said while there is nothing romantic about such an agreement, the sheer amount of work and sacrifice it took to accrue premarital assets makes the idea of a prenup that much more attractive. Of course, everyone involved has acknowledged the importance of clear communication in approaching a prenup, no matter how old or young the couple might be.
Prenuptial agreements, like most things covered by family law, are not for everyone. But thankfully there are options available for British Columbia couples who want to think ahead about their marriage. With a 40 percent divorce rate nation-wide, the possibility of divorce is very real. In seeking out the support of experienced lawyers, these couples may be able to avoid a contentious divorce later in their lives.