In the past, prenuptial agreements were considered a way for rich men to keep their assets safe before marriage. Many people considered it a way for these men to protect themselves from stereotyped “gold digger” women who were marrying for money – leading to a likely divorce. But nowadays, millennials have redefined what getting a prenup means. Now, genuinely in love couples are looking into prenups and brides, rather than the groom, tend to bring up the topic!
Why the Change?
While love is said to be eternal, social and cultural influences have changed how we view the institution of marriage. Millennials grew up seeing an abundance of divorces among their parents and those of their friends,showing them just how nasty a legal breakup can get! To prevent a troubling divorce of their own, more and more young couples are now hiring attorneys to prepare prenups before they say “I do” or signing a postnup after their ceremony.
A Woman’s Place in the World
A recent study found that 51% of attorneys report that they see more prenups now from millennials than they had from previous generations – whether to protect their finances, feelings, or security – women are leading the charge. While women are still fighting to end the wage gap, research shows that in many heterosexual, millennial couples the woman is the breadwinner in the relationship. When getting married, the bride is often the one who brings the biggest income into the marriage and many brides have less debt than their soon-to-be husbands.
Are Prenups a Good Idea for Women?
As the higher earner, women who are getting married often face the reality that, if the marriage ends, they may be stuck paying their ex-husband alimony on top of paying off marital debt and splitting their own savings. To avoid this, many financially savvy millennial women are now requesting that they get a prenup to protect themselves in case of a separation. Women also find that a prenup can help them to retain their sense of independence and help them feel more secure about marrying someone who has student loans or other existing debt.
Isn’t it Unromantic?
As a financially stable woman, we understand that you care about the money you’ve worked hard to earn. But, on the other hand, you probably feel a little squeamish about the idea of requesting your future partner sign a prenup with you. Prenups don’t really fit in with writing wedding vows and Nicholas Sparks story plots!
While prenups may appear to be less than romantic, they are the financially responsible way of protecting both your own future and that of your partner. By pursuing a prenup, you can still give your all to the marriage, while doing away with concerns about finances and many other uncertainties in the institution of marriage. Rather than focusing on money, prenups make it possible to shift the focus to things that truly matter – such as building a life together.
If you are an independent woman that is looking toward marriage, you have every right and even a responsibility to protect your assets. Contact our offices to learn more about the prenup process and how it can help your financial future while getting your marriage off on the right foot!