Thursday, July 21, 2022

Prenups Aren’t Just for Rich People Anymore

PrenupPrenuptial agreements are popularly considered a tool only used by the rich and famous. However, prenups are being utilized more and more by ordinary people.

Twelve years ago, Harris Poll asked two thousand adults whether they had signed prenups, and only three percent reported having one. After conducting the same survey today, fifteen percent responded they had signed a prenup. And that number rises significantly to nearly 40 percent for those between the ages of 18-35. 

A likely impetus for the rise of prenups amongst millennials is the historic levels of debt. Social media is another factor involved in changing attitudes, in addition to websites like HelloPrenup that make it easier to obtain one.

Elizabeth R. Carter, a law professor at Louisiana State University, wrote her own prenup as she prepared to get married. She was surprised at the reactions of her peers who felt prenups are inherently unequal since they are considered to usually involve older, wealthy individuals pressuring their less affluent fiancé to sign away their rights. However, Carter feels this is not the case. The vast majority of prenups she has seen involved equal bargaining power. 

For more information:

See Michael Waters “Prenups Aren’t Just for Rich People Anymore,” The New Yorker, July 12, 2022.

Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.  

https://lawprofessors.typepad.com/trusts_estates_prof/2022/07/prenups-arent-just-for-rich-people-anymore.html

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