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Why more millennials are signing prenups

Posted: 6:26 AM, Sep 25, 2018
Updated: 2018-09-26 01:58:40Z

MILWAUKEE -- Millennials are getting married later than any other generation in history.

Age is not the only thing setting them apart. More people are signing prenuptial agreements.

A survey by the American Academy of Matrimonial Lawyers found more than half of all matrimonial lawyers have seen an increase in millennial prenups.

Family law attorney Greg Hildebrand explained why millennials may look at marriage differently, "They can see maybe what has happened to their older family members aunts uncles parents and maybe the conflict that occurred."

Hildebrand found younger couples do their homework and find Wisconsin is a marital property state. The biggest reason why millennials call him, is to make crystal clear who pays off the debt, "Debt is harder to divide than assets are," said Hildebrand.

Bride-to-be Erin Lowry shared why she signed a prenup. She owns a business and her fiance has student debt.

"The way my lawyer put it, which I really love, is that everyone has a prenup. It's the law of your state. But by actually going through the process of signing one and creating one yourself, you're taking the power back," said Lowry.

If you get your significant other to warm up to the idea, do not expect it to be a walk in the park. You must provide a full financial disclosure to help set a baseline for possible division later. This includes tax returns, debt statements, and retirement account balances.