The Growing Popularity of Prenuptial Agreements in the US
More and more Americans are opting for prenuptial agreements before tying the knot, especially among certain age groups. A recent Harris Poll, as reported by Axios, reveals that 50% of adults in the US are open to prenups, a significant increase from last year’s support of 42%. In fact, one in five couples reported signing a prenup, a dramatic rise from the 3% in 2010, according to Business Insider. Millennial and Gen Z couples are the most likely to request a prenup, with 47% of millennials and 41% of Gen Zers entering into one.
Axios attributes this trend to the high divorce rates in the US, with 40% of marriages not ending happily. Additionally, couples now tend to get married at a later stage in life when they have more established careers and assets. This trend contributes to more couples sorting out their finances before getting married. It is also important to note that prenups are no longer seen as just benefiting men’s wealth. Beth Williams, CEO of FutureWallet, believes that “women see this as a way to financially protect themselves.” Data from HelloPrenup supports this, showing that 65% of users said prenups also protect them against their partner’s debt.
Although it may not be the most romantic conversation between engaged couples, discussions about prenups should ideally start six months to a year before the wedding. “Absolute transparency on each party’s holdings at the time of drafting the contract, as well as their income, is crucial,” advises Laura Paris, an associate lawyer at a family firm in Canada, in an interview with Global News. Financial advisers recommend viewing prenups as a “financial safety net,” with financial expert Suze Orman emphasizing that having everything out in the open can actually strengthen relationships. (In more positive wedding-related news, a college student recently found a designer wedding dress worth thousands at a Goodwill store.)
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