Burdened with debt from many sides, millenials are taking their time to make important decisions, like choosing to marry. In an attempt to become financially independent first, they are driving the marriage rate down. Taking the time to settle, however, does have its advantages, as they are being strategic about who they choose and fearful of separation, thus, bringing the divorce rate down as well.
Since the 1980s, divorce rates have seen a 24% decline, and experts are crediting millenials for it. Often the product of divorced parents, they are hesitant of going through the process themselves. Resultantly, they are trying to avoid unstable marriages by taking their time to find someone to marry and getting their finances in order in the process. Unlike generations before them, they do not prioritize marriage and are getting married at a later age. This maturity may also contribute to a more stable and healthy relationship. Couples are also more likely to live together for around five years before tying the knot. Cohabitation has gone up six-fold from the previous generation.
They are also more likely to sign prenuptial agreements regarding family law issues, such as property division. While previous generations associated prenups with wealth, millenials have thrown that notion out the window. Predisposed to protecting their assets and protecting themselves from debt, they want to go into the relationship setting expectations of their division before getting married.
While no one expects to get divorced when tying the knot, preparing for any eventuality is important. Many people may not even be aware of the benefits of a prenuptial agreement and discussing is with an experienced attorney can be beneficial to the parties getting married.