We’ve all heard the term ‘millennial’, but to quash any confusion about exactly who is a millennial, it is those born between 1981 and 1996 i.e. anyone aged between 28 and 43. I find myself pretty much exactly at the mid-range point, so feel quite adept to comment on ‘us millennials’.
The statistics indicate that millennials are marrying later in life. I believe this is a reflection of the shift in our social trends. People are living life to their fullest, finding partners later in life, having children pre-marriage, the traditional family set up has changed and women especially, are likely to have their own careers and wealth in advance of marrying.
A ‘typical’ millennial couple marrying in 2024 could be in their early 40s, both could have children from previous relationships, and together, and both could have their own assets, income and wealth.
This is quite the contrast from perhaps a ‘typical’ marriage some 30 – 50 years ago, the ‘baby boomers’ I believe, where the age of the parties would have been younger, they probably didn’t have children and the wife to be may not have had any assets of her own, and her career may never have taken off as the couple planned to start a family soon after marriage.
Family wealth and the passing down to generations is now given more thought. Some 50 years ago, there was still the stigma over divorce, and it wasn’t as common. Parents knowing their daughter-in-law or son-in-law would likely inherit from their wealth may not have been concerned about this, as they would believe their daughter or son to remain in a long, happy marriage.
These days, perhaps not so, and as well as marrying parties bringing a complex matrix of their own wealth and circumstances to a marriage, their parents are likely to be more mindful of wealth protection.
So what do marrying parties of this generation need to consider? The answer – a prenup.
In all seriousness, a prenuptial agreement could be the most valuable, important document, marrying parties’ sign. It will provide clarity and reassurance to the parties and encourage them to discuss their finances in advance of marriage. Reassurance is also given to the wider family if wealth protection in terms of already inherited assets, or soon to be inherited, is a key driving force, as is often the case.
There’s no disputing the fact that prenups are not romantic, but they aren’t meant to be, and for this reason, the sooner they are considered, prepared, and finalised, the better. In my experience, the stress parties may face surrounding their prenup, does not come from agreeing the terms and provision for each party, it is the logistics of finalising and signing it during the busy weeks before the marriage itself.
On one of my most recent prenups, work paused for a few weeks as the parties were on their respective hen and stags!
But how do we, as family lawyers, ensure those looking to marry are aware of the importance of prenups. I believe education surrounding marriage, prenups and even the implications of divorce, should start at ‘grass roots’. I’m not suggesting this is necessarily in schools, but education is needed for the wider public. Be that in the glossy mags, social media, the news in general. Family lawyers should campaign for awareness in relation to arguably the most valuable insurance policy one could sign!
Prenups are also perhaps spoken about more than ever before, and are not just for the rich and famous, and are becoming more accepted amongst younger generations, but there is still a way to go to ensure they are considered just as much as the wedding venue and the dress!
Finally, I can’t not mention that whilst prenuptial agreements are recognised by the Courts in England and Wales, they are not legally binding. They will hold significant weight if all the relevant factors are present, one of which being timing, and this brings me back to raising awareness. The sooner the document prepared, the better. Do it once, do it well. Pop it in a drawer and here’s to the parties never having to refer to it as one would hope for a long and happy marriage.
