CHICAGO, Oct. 28, 2016 /PRNewswire/ -- The millennial generation might become synonymous with selfies, social media, and prenups. According to a recent survey of the American Academy of Matrimonial Lawyers (AAML), 51% of the attorneys cited an increase in the number of millennials requesting prenuptial agreements. In addition, 62% of the respondents have seen an increase in the total number of clients who are seeking prenups during the past three years. The top three items most commonly covered by the marriage contracts were cited as "protection of separate property" by 78% of respondents, "alimony/spousal maintenance" at 74% and "division of property" with a 68% total.
"Couples are getting married at later ages these days and are consequently entering their relationships with more to protect in the event of a divorce. A prenuptial agreement often represents the most effective way to address these concerns and safeguard individual assets before exchanging vows," said Joslin Davis, president of the American Academy of Matrimonial Lawyers. "Members of the millennial generation are particularly choosing prenups as the best option to cover separate property holdings, business interests, anticipated family inheritances and potential alimony claims."
Overall, 62% of AAML members have seen an increase in the total number of clients seeking a prenuptial agreement throughout the past three years, while 37% stated no change, and just 1% saw a decrease. More than half of the attorneys have experienced an increase in requests for prenups from millennials, while only 2% saw a decrease from members of that generation. In addition to the top three items selected as the categories most often covered by prenuptial agreements, the next three most common areas selected were "protection of the increase of value in separate property" at 64% followed by "inheritance rights" at 42% with 24% choosing "community property division."
Founded in 1962, the mission of the American Academy of Matrimonial Lawyers (AAML) is to provide leadership that promotes the highest degree of professionalism and excellence in the practice of family law.
Comprised of the top 1,600 matrimonial attorneys throughout the nation, members are recognized experts in the specialized areas of matrimonial law, including divorce, prenuptial agreements, legal separation, annulment, custody, property valuation and division, support, and the rights of unmarried couples.
SOURCE American Academy of Matrimonial Lawyers