Why Are Young People More Likely To Sign a Prenup Than Their Parents?

A Washington Post article suggests that those in the 20 to 30 crowd are more likely to have prenups than older generations. This finding is not surprising as marriage ages are reaching an all-time high, and people are entering marriage with more to lose financially than in the past. Not to mention, attitudes about marriage, including whether getting married should be seen as a viable way to achieve financial stability, have changed. Young people are looking to themselves for financial stability first, not a spouse, making prenuptial agreements more relevant — and necessary — than ever before.

Young people want a prenup because they’re coming to the marriage financially secure.

Younger generations do not view marriage as a means to financial stability but rather something to put off until they achieve financial stability. According to the article, young people are “less inclined to get married while they’re young and broke. More than half of people in their 20s and 30s say it is important for them to be financially secure before they get married.”

Because younger people have already spent years working hard on their financial goals, growing investments, and possibly purchasing property, they’re not so eager to hand over the keys to the kingdom to a spouse just because they’re in love. It’s not that they believe their upcoming marriage is destined to fail; they simply don’t want to risk everything they’ve worked hard for in the event it does. 

A prenup can protect you from paying your spouse’s student loan debt.

Today, more than ever before, young people are facing the burden of enormous student loan debt in their 20s and 30s. Student loan debt presents a unique risk if one partner has substantially more of an obligation than the other and could find themselves on the hook for their partner’s debt in the case of divorce. A prenup can avoid this pitfall by detailing who would be responsible for paying any student loan debt should the couple divorce. Student debt can extend over a lifetime, long after a divorce.

If you didn’t get a prenup before marriage, see if your spouse will agree to a postnup.

If you didn’t sign a prenup before your wedding, you still have another option: get a postnup. Postnuptial agreements are another great way to protect assets accumulated during the marriage. Those who enter a marriage with no financial assets to speak of may choose to forgo a prenup but later desire to protect their finances.

According to the same Washington Post article, “Phoebe Gavin, 30, didn’t sign a prenup when she married her husband six years ago. But now that the two are planning to invest in several rental properties, they have agreed to draw up a postnuptial agreement.” A postnuptial agreement can also cover debts and assets accumulated before marriage and whatever could’ve gone in a prenuptial agreement had the couple chosen to have one. In other words, it doesn’t have to be too late.

Final Thoughts

Regardless of age, a prenuptial agreement can protect your interests before marriage. Getting a prenup has nothing to do with your outlook on marriage or how committed you are to your spouse. On the contrary, getting a prenup speaks to how much you value a marriage where both partners feel comfortable knowing they’re protected — in love and under the law.

STAY UP TO DATE

Subscribe to our newsletters

 
Subscribe to one or more of our newsletters, delivering meaningful insight on topics that matter to you and your family.

FURTHER READING

Latest Blog Posts

While software developers are among the professions with the lowest divorce rates, coming in at 20.3%, workers in the technology sector who divorce face specific challenges during the divorce process. From how to locate and divide assets to determining parenting…

For parents, divorce often raises many questions surrounding extracurricular activities. These questions usually include whether the children will get to participate in the extracurricular activities (sports, performing arts classes, music lessons, art classes, etc.) they did before the divorce, expanded…

Divorce is a time of transition, which can bring about changes in your professional life as much as it can in your personal life. Perhaps you are one of the ones, like many, who have decided that a fresh start…

Becoming a single parent, especially after being married and having a partner to share in the physical and emotional labor, can be a challenging transition. The role of single parent, even for those in a healthy co-parenting relationship with their…

If you are in love and looking to plan a life with your partner, congratulations. This is an exciting time for you both, and the goal is that the relationship will stand the test of time. However, a recent study…

Divorce is not only about protecting assets and deciding who will keep the marital home afterward. Divorce is about re-envisioning your life following the end of a marriage and about discovering who you are today. This may include learning about…

The expression “in sickness and in health” is common in wedding ceremonies of all faiths. So when most people recite these words, it is probably safe to assume that they envision themselves married at a time when the unthinkable may…

Instead of marrying, increasingly, more couples are choosing to cohabitate outside of marriage. Many couples decide this for a variety of reasons, including testing the waters about whether they are suitable to live together as a couple or don’t believe…

Divorce can be a relatively straightforward process if you and your spouse are on good terms and can agree on certain issues in your case. In such a situation, you can file for an uncontested divorce which is often a…

One spouse’s diagnosis of a significant illness can impact a marriage in substantial ways. According to a study published in the National Library of Medicine, many aspects of a family (defined in various ways across the research) can be affected.…