Reserving a wedding venue, hiring the caterers, organizing flower arrangements…and signing a prenup? Usually characterized as unromantic or a negative sign for the quality or longevity of a marriage, the prenuptial agreement has seen a surge in popularity in the last decade across the nation and in Indiana. In the past, some people have experienced fear or worry of a negative implication for the future when considering this type of contract. However, many more people today see the positive benefits of laying a strong foundation if their life plans make an unexpected turn.
The New York Times reported in 2018 that millennials make up the largest growing group of clients requesting prenuptial agreements. The average age of millennials when they get married is much higher than that of previous generations, so they have had more time to accumulate wealth and assets that would need to be protected. Additionally, more millennials grew up with divorced parents than previous generations. This has led to the speculation that millennials see a business contract like a prenuptial agreement as a way to avoid the stress and emotional pain of the older generations if divorce happens.
On average, millennials also have much more student debt than people in previous decades. Business Insider published that a prenuptial agreement is a way for each partner to establish that the other partner would not be left with their personal student debt in case of a divorce. Without this contract, some states require that debts be split in half, possibly leading to financial difficulties for the other partner. In this way, a prenuptial agreement can be considered a thoughtful and responsible business agreement for a balanced and open marriage.