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While it seems like the majority of prenups in the past have been for the rich and famous, that’s no longer the case in a lot of upcoming marriages. More and more, people from all walks of life are choosing to start their lives together with a prenuptial agreement. A Harris Poll conducted 12 years ago asked 2,000 adults about their prenup status, and only 3% said they had signed one. Now, more than a decade later, that number is at 15%.
Nearly 40% of people between the ages of 18 and 35 had signed a prenup before getting married, making that the most significant age group for this change. One of the most likely reasons for millennials to start getting prenups is the extreme level of debt so many of them have today.
Another reason is that attitudes are changing and being explored on social media, and sites such as HelloPrenup are making it easier for people to create prenuptial agreements quickly and easily. It’s still important to have an attorney look over any prenup you’re going to be signing, though, especially if it was created by your fiancé or their attorney. It’s very important to make sure the agreement you sign is fair and just for both parties, and also that it’s binding on both parties, for the right level of protection.
There is still a bit of a stigma in some circles that prenups are unequal and geared toward protecting wealth for one party while leaving the other party out. For the majority of people today, though, that’s not the goal of a prenup. Instead, it is used to make things more equal, protect the interests of both parties to the marriage, keep assets safe, and also increase peace of mind.
Any time your marital status changes, it is a good time to revisit your estate plan to ensure it still addresses what is most important to you, and that it reflects your current financial picture. The Estate Planning & Legacy Law Center can help. Contact us today to learn more!