Millennials in New Jersey and throughout the country are requesting prenuptial agreements in increasing numbers. This is partially because people are getting married later than previous generations. The median age for a man getting married is 29.9 while the median age is 28.1 for women, and this means that individuals tend to have more assets that they want to protect.
Economic and political events that occurred during their lifetimes have also played a role in this trend. Most people who are between the ages of 22 and 37 lived through both the events of Sept. 11 and the Great Recession; the recession occurred while many in this group were in college or had started their careers. Another reason for the rise of the prenuptial agreement among younger people is that women have more earning power. The gender pay gap narrowed to 4.6 percent as of 2018 from 6.5 percent in 2011.
Women who have assets may be more likely to pay alimony or provide other financial assistance to their spouses in the event of a divorce. Having a prenuptial agreement is a way to define upfront how much will be paid or if any will be paid at all. Women are also paying child support in higher numbers as their economic power grows.
Those who are thinking about getting married may want to consider a prenuptial agreement. This may make it easier to protect assets and avoid disputes about alimony in the future. A family law attorney may be able to review such an agreement before it goes into effect. It may also be reviewed during divorce proceedings to determine if it is still valid. If it is not, it might be necessary to negotiate a new divorce settlement.