If you are getting married soon, you may have thought about the possibility of getting a prenup. While they may seem unromantic and even inappropriate right before marriage, prenuptial agreements are incredibly important documents that protect one’s assets should a couple decide to divorce eventually.
Prenuptial agreements – also known as prenups or marital contracts – have been around for some time now. In fact, one of the earliest prenups was made in Ancient Egypt over 2,000 years ago. Decades ago, prenuptial agreements were primarily regarded for the rich and famous. However, times are changing. These days, prenuptial agreements are quickly becoming the new normal, particularly within Generation Z.
Below we’ll discuss this modern take on prenuptial agreements and provide valid reasons to get a prenuptial agreement. If you’re wondering, “how do I get a prenuptial agreement attorney near me?,” read on.
What’s Love Got to Do With It?
So, what is a prenuptial agreement? A prenup is a legally binding contract between a couple who is engaged to be married that dictates what happens to each partner’s assets and debts if they get divorced. As we mentioned earlier, couples who are about to be married don’t typically want to give any thought to the possibility of splitting up in the future. However, signing a prenup is a smart decision that is widely influenced by older generations.
Many baby boomer couples ultimately got divorced, despite their conservative approach to marriage. Decades ago, prenups were not as prevalent in marriages in which assets were scarce. Consequently, many divorces became messy, with no clear division of property and assets.
Born in the late 90s and early 2000’s, Generation Z (or Gen Z) became witnesses to their grandparents’ and other older family members’ divorces. Add in evolving social norms, varying economic factors, reshaped marriage expectations and financial strategies, and prenuptials became extremely popular.
Getting Hitched Later in Life
Many people are choosing to get married later in life, and the median age of marriage is steadily increasing. In the 1950s, the average age of first marriage in the United States was 20 for women and 23 for men. In 2023, the median age for women to get married for the first time was 28, and 30 years old for men. The statistics clearly show that Gen Z couples don’t wish to get married as young as their grandparents did, or their parents for that matter.
Getting married later in life is not a negative concept by any means. In fact, many of these couples are already self-reliant with established careers and robust individual financial portfolios. As such, they want to protect what they have worked so hard for before marriage. Many do not wish to combine all of their assets when they eventually marry. The concept of 50/50 splits of assets — which used to be the norm — is not necessarily the fairest option for them.
Career First
Generally speaking, Gen Z is very career-focused, and for good reason. They crave fiscal responsibility and have been determined to achieve such responsibility in their 20s. Focused on job stability, personal growth, and financial independence, Gen Z’ers tend to accumulate businesses, investments, property, and savings at an early age.
Concisely, the financial stakes are higher since they have generally acquired success. It’s entirely understandable why they would want to protect their assets and achievements when they eventually marry. They want to avoid the messy divorces that their older family members may have faced by establishing their own wealth early on and protecting it well.
Using the Tools Available
In this digital age, Gen Z has access to prenup resources that were nonexistent decades ago. Not only can they find useful information and resources online, but they also have access to forums, message boards, and chatrooms to ask questions about prenuptials and to get advice. Additionally, Gen Z has the option to create their own personalized prenups with online templates. These straightforward templates allow couples to develop agreements that suit their individual expectations and needs.
These days, prenuptial agreements don’t carry the stigma that they once did. Celebrities and other famous people openly discuss their divorces and prenups, which seem more like common practice. This disclosure from high-profile people encourages open discussion about prenuptials and fosters close speculation of individual financial futures.
Prenuptial agreements are not just for wealthy people anymore since our way of life is simply not as traditional these days. If you’re wondering how to get a prenuptial agreement, or asking, how does a prenuptial agreement work? Or are wondering if you actually even need one, experienced prenuptial agreement lawyers can help. They will work with you to help you understand your rights and ensure a fair division of assets for both parties should the time come.