Why many Millennials embrace prenups more than their parents do

On Behalf of | May 31, 2018 | Firm News, prenuptial agreements

Although prenuptial agreements have fought an uphill battle for recognition and perceived utility in Illinois and nationally for years, the tide has lately turned for that important family law contract.

One primary reason why is that increasingly more people are looking at such agreements in a logical and dispassionate way, dismissing the quick criticism that they undermine trust and love in marriage.

Indeed, a prenup is far more appreciated these days than in former years for the role it can play in promoting candor and transparency in a marriage. When couples focus on a premarital contract, they necessarily do so with a mindset that requires their close examination of what they view as important in their union. That is then coupled with their implementation of a carefully executed plan to promote shared goals.

The objective upsides of a prenup are seemingly not lost on the Millennial demographic collectively. One recent national news report portrays young married couples as an independent group of thinkers willing to test age-old assumptions and even turn them on their heads.

They are doing that with money matters in what is reportedly a big way, with many Millennial couples ditching the idea of joint accounts and financial interdependence. What increasingly large numbers of them are embracing instead is post-marital economic independence, marked by financial lives separate from their spouses.

Many couples marry later in life these days. They have worked hard on their education, advancing in their careers, and achieving a level of personal stability prior to tying the marital knot. They seek to retain a degree of independence following marriage.

The above-cited Atlantic article conveys that many Millennial couples favoring separate accounts and willing to embrace planning tools like marital agreements believe that retaining post-marital independence strengthens rather weakens their unions.

That clearly conveys “a generational change,” notes one researcher.

And when it works, it is certainly to be applauded.