Why Millennials and Gen Z Are Driving the Rise of Pre‑Nups
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The Rise of Prenups Among Millennials and Gen Z
A Cultural Shift in Modern Marriage
Pre-nups are on the rise, and although traditionally associated with the rich and the famous, we’re starting to see an increasing trend of financially savvy Millennials and Gen Z’s using pre-nups to protect their financial position as they venture into marriage.
To explore this subject more and understand why pre nups are on the rise, we asked our friend and feature writer, Elspeth Kinder, Head of Family Law at JMW, for her expert opinion. “These generations are more informed and committed to long term planning. With the advancements in accessible technology and the rise of AI there is a wealth of information at the fingertips of any newly engaged couple. This generation aren’t afraid to balance the romanticism of viewing venues and choosing rings with the more practical step of financial planning. Millennials have worked hard to establish careers during a recession and with rising economic volatility they see reducing risk and maintaining control over their future as a bonus and not something that undermines their marriage or their level of commitment.”
Why Younger Couples Are Choosing Prenups
Millennials and Gen Z are typically marrying later in life than their parents or grandparents. They’ve built their careers, bought their own property, and made their own financial investments. Naturally, they want to protect this wherever possible and for their partner to do the same. A pre-nup can help to ringfence wealth that was accumulated prior to marriage and can define what the couple see as their “joint property” and their “separate property”.
Mutual Protection, Not One-Sided Security
There is a common misconception that pre-nups only protect the wealthier party but in reality, a pre-nup can also ensure that the spouse in the weaker financial position will be provided for in the event of a divorce. Millennials and Gen Z recognise this and view a pre-nup as a form of mutual respect and a way to reduce uncertainty.
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Addressing Complex Family and Financial Situations
Aside from the long-term certainty a pre-nup can offer a married couple, pre-nups can also help more nuanced financial situations. For example, those who may have children from a previous relationship or those who are set to inherit significant sums from their family. Family is a big factor when considering a pre-nup, we are regularly instructed by clients who are part of a family business and who want to ensure their shareholdings remain unaffected in the event of a marital breakdown.
Learning From the Past
Many millennials and Gen Zers have already seen divorce up close as they are children of divorce. They’ve experienced their parents’ messy breakup and are more realistic about the challenges marriage can bring. They recognise that having a pre-agreed plan for asset division reduces the scope for conflict and lengthy legal disputes which can be financially and emotionally taxing.
The Importance of Legal Advice
Whatever the reason for this cultural shift it remains as important as ever to get legal advice if a pre-nup is on your agenda. For a pre-nup to be properly considered by a court it needs to meet legal standards and must be supported by full financial disclosure from both parties. The law in England & Wales means a pre-nup isn’t automatically upheld by the court so it’s important that you and your partner get it right.
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