Younger Americans Embracing the Protection Provided by Prenuptial Agreements

Though marriage is an institution that is thousands of years old, legal, cultural and technological shifts lead younger people to approach their wedding somewhat differently than their parents and grandparents. As social media stories and Venmo links for gift-givers replace large photo albums and piles of presents in some cases, another trend has taken hold among Americans in their 20s and 30s.

According to polls and other research, millennials and members of Gen Z are more likely to negotiate a prenuptial agreement than prospective spouses from previous generations. One survey said more than 40 percent of engaged or married Americans within these age groups have entered into this type of contract. Multiple explanations have been offered for this phenomenon, such as:

• Higher average age at marriage — As people generally wait longer to get married than in the past, both men and women often enter wedded life with substantial financial assets. Conversely, some individuals in their 20s and 30s are still dealing with a large student debt burden. Prospective spouses possessing a greater level of maturity might be more inclined to safeguard what they own and avoid being saddled with their partner’s money problems if the relationship does not work out. 

• Emphasis on transparency — Increasingly, people entering traditional marrying age have grown up in a world where they and others around them have shared all types of personal details online. This is a sharp contrast from when many people were even reluctant to share information about money issues with their partners. This openness can minimize the possibility of unpleasant surprises down the road.

• Practicality over anxiety — In the past, some engaged people who understood the value of a prenuptial agreement avoided discussing it because they felt it might imply that they expected the marriage to fail. This is no more true than thinking that buying a life insurance policy makes an early death more likely. To the contrary, entering a marriage with an honest, thoughtful conversation about practical issues can set a strong foundation for the future. 

A well-drafted prenup can define what will remain separate property and what assets will become part of the marital estate. You might also want to clarify expectations about spousal support, business interests and student loan obligations. To ensure the document is enforceable, terms should be fair when signed and consistent with public policy.  

The best time to reach out to a qualified attorney regarding your prenuptial agreement is well before wedding planning peaks. Your lawyer can outline the legal requirements and advise on potential provisions that suit your specific objectives. 

McManaway Law, LLC assists clients of all ages with prenuptial and postnuptial agreements, as well as other family law concerns. To make an appointment, please call 864-428-8912 or contact me online. My Greenville office serves residents throughout Upstate South Carolina.