A Taboo Topic No More: Prenuptial Agreements are More Popular than Ever

Prenuptial Agreements not Taboo for Millennials

Prenuptial agreements are becoming increasingly popular and millennials may be a big reason why.  In a recent survey conducted by one of the country’s most respected family law organizations, over 60 percent of the attorneys questioned said they saw an increase in the number of clients who want prenuptial agreements. Half of the respondents said more and more millennials were signing prenuptial agreements. 

Millenials were born between 1981 and 1996.  They are poked fun of for being entitled and lazy, and for being the participation trophy generation. But millennials are also known for being smart and tech savvy and willing to challenge conventional norms. They have lived through 9/11, rough economic times and now, a worldwide pandemic.

A quarter of millennials had parents who were divorced or separated, so the prospect of divorce doesn’t faze them. They are also less religious than previous generations so the sanctity of marriage doesn’t carry as much weight with them. Here are some other possible reasons why millennials are so pro-prenuptial agreements. 

Times Have Changed

Prenuptial agreements bring to mind wealthy men wanting to protect their assets from their wives, who in past generations might not have been their financial equals. Those days are gone. 

Many couples enter marriage with both partners earning similar incomes and it’s not uncommon for the woman to be the higher earner. Not surprisingly, in the age of the Girlboss more and more women are requesting prenuptial agreements. Add the legalization of gay marriage into the mix and that’s a whole new demographic of millennials who are opting for prenuptial agreements. 

Millennials like to buck tradition. Previous generations were squeamish about discussing finances? Not us, we’re pragmatic and realistic. We’re evolved.

Baby boomer notions of gender roles and the division of labor in households have changed. Couples today share domestic duties and responsibilities. So they look at a prenuptial as just something smart they should do together before they get married. 

People are Marrying Later

First comes a dog, then comes marriage. Millennials don’t seem to be in a great rush to get married. By marrying later, they have had more time to work and grow their assets. They want prenuptial agreements so they can protect their separate property. 

Millennials are involved with the high-tech and start-up industries and may come into the marriage with a good amount of stock options. They could be worth a little or they could be worth quite a lot depending on a variety of circumstances that are out of their control. A prenuptial agreement would protect them if their stock skyrocketed in value after the marriage.  

The flipside of marrying later is that millennials often have accumulated quite a lot of debt, which can include car notes and student loans. That can be a strong incentive for the partner with less debt to seek a prenuptial agreement.