Those with old-fashioned sensibilities may view prenuptial agreements as unromantic or only for the super-wealthy, but attitudes are changing quickly. In fact, according to reporting from MarketWatch, approximately 40% of married millennials claim they have one.
Millennials have quickly gained a reputation for marching to the beat of their own drums. Still, those of all ages thinking about walking down the aisle in the future may want to consider why younger Americans find these agreements necessary.
It’s basic economics
More than couples in the past, millennials view marriage as an economic agreement between two people, particularly when both have jobs and plan to continue pursuing their careers if they choose to raise a family. These individuals certainly marry for love, but they also tend to recognize the importance of being financially secure. Setting economic expectations in a prenup provides them with valuable certainty as they seek to balance work, family and other interests.
Too much debt
In an era with (until recently) high student debt, many graduates are acutely aware of that debt burden. Housing costs have skyrocketed in the last 12 years, eating a more significant chunk of take-home pay and making it harder to buy a home. Other living expenses have increased even before the pandemic and the subsequent economic uncertainty. A prenuptial agreement can keep a spouse off the hook for their partner’s debts amidst these financial challenges.
It puts the couple on the same page
Younger Americans often want to be sure they see eye-to-eye on marriage-related matters. Negotiating and executing a prenup allows individuals to have meaningful conversations about marital roles, finances and other issues. Put simply, talking about a prenuptial agreement can help identify red flags before a person says, “I do.”
Create your own arrangement
Negotiating a prenuptial agreement with your soon-to-be spouse can help you build your union upon a more solid foundation. It should reflect both spouses’ unique needs and wants and be signed willingly. Those with questions about drafting a fair and binding agreement can consult an experienced family law attorney.