Smaller Weddings, Bigger Pre-Nups

During the COVID-19 crisis, we have seen an increased demand for prenuptial agreements (or “prenups”) across all demographics, but particularly among millennials.

On average, Americans are waiting longer to get married. This, in turn, means that people are getting married after having accumulated greater wealth and maturity. As a result, people are finding there is more at stake if the marriage should fail. Couples are now setting realistic expectations for their relationship, and having more open and honest discussions prior to getting married.

While statistically, we know that half of all marriages end in divorce, prenups have long been shamed as representing a self-fulfilling prophecy. Millennials are changing this, viewing prenups with greater acceptance. They prioritize contingency planning. After all, if the statistics are true, half of all millennials in America suffered through their parents’ divorces.

Prenups & the Pandemic

The increase in demand for prenups during the coronavirus pandemic has been particularly acute. Business owners of all ages seek to protect their businesses and business partners from the disastrous financial impact of a divorce. Those entering second marriages, often with children from a prior relationship, seek prenups to supplement their estate planning. There are greater numbers of high net worth families considering the prenup an essential element of wedding planning. Even couples without income disparity are prioritizing a prenup with the hope it will minimize the prospect of protracted litigation should their marriage prove unsuccessful.

In short, the world events of the past year have us all thinking more about our mortality, and so much that is outside of our control. We are confronting unexpected changes in our families and careers. There is a collective anxiousness about our futures and a craving for more certainty.

If you are in the process of planning your wedding, or otherwise interested in learning more about how a prenuptial agreement could benefit you, please contact Bulman Dunie. To reach our attorneys directly, please contact Meg Rosan at mrosan@bulmandunie.com, Jeremy Rachlin at jrachlin@bulmandunie.com, or Jane Rodgers at jrodgers@bulmandunie.com.