When you hear the word “prenuptial agreement,” you might think of a contract intended for a Kardashian – someone with exorbitant income whose “I dos” aren’t really expected to last. But for the average Jane and Joe – the middle-income couple who has every intention of keeping their vows till death do them part – is a prenup really necessary?
For the millennial generation, more and more couples are saying “I do” to the prenup. Here are a few reasons this contract is becoming so popular:
Marry the person – not their debt
Compared to other generations, millennials tend to enter into marriage with considerable debt. The nation’s student loan debt is at an all-time high. In addition, many millennials struggled to find work after college – during the economic recession. This situation pushed them even further into debt. This is a financial burden many fiancés are unwilling to inherit.
Older, wiser, wealthier
Millennials are trending towards marrying later in life. The average person has achieved a higher-ranking job and accrued more valuable assets at 38 than they did at 22. In addition, with the 2008 economic recession still in recent history – and another recession currently underway – millennials do not tend to view income or assets as reliable. They therefore want to take extra precautions to protect them.
The new norm
In previous generations, divorce was often viewed as shameful. However, millennials grew up at a time when divorce was commonplace. Many of them were children of divorce. Therefore, millennials are more prone to entering into marriage cautiously: treating it like a business agreement rather than romanticizing it.
Even if your marriage lasts forever, a prenuptial agreement can still be a healthy arrangement for a new couple to make. It can force a couple to think strategically through aspects of the relationship and come up with solutions to financial matters that – when left unaddressed – can often be a source of stress in a marriage.