Why are prenups more popular than ever?
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Categories: Agreements
More Assets, More debt, Later Marriage
Prenups used to be the preserve of the super rich. They were designed to protect family money and business interests. However these days, the idea that prenups are just for those with a six figure bank balance is far from the truth. Millennials set up 49% of all new UK businesses last year and are getting wealthier quicker than generations before but they’re also saddled with more debt, often due to higher educational costs and the supporting student loan as well as marrying later in life. In short, millennials are more financially involved than previous generations. Did you know that without a prenup, in the case of a divorce, one may be left responsible for half of one's partner’s debt? Yup, it goes both ways! Best not to leave it to chance…
Prenuppers are often the children of divorced parents….
Millennials also have learnt lessons from their parents, the baby boomers, who divorce more than any other generation in history. Most people who read this will have witnessed a messy divorce, either firsthand or through friends. You can bet that these messy divorces didn’t have a prenup. With this in mind, millennials are highly aware of the risk of divorce (affecting almost 50% of all marriages) and are taking the smart step to help mitigate the risk of this stressful and potentially financially catastrophic event happening. They see it as a combination between an insurance policy and a financial planning tool.
Prenup isn’t a dirty word anymore…
Despite prenups often being expensive, immensely time-consuming and difficult to approach. That’s where WE come in! Wenup believe that everyone getting married, already married or cohabiting needs a prenup or postnup. Wenup enables access to a fully legally represented couples agreement for £1500 for both sides. That’s a fraction of the cost of traditional solutions. The wenup platform helps build the agreement foundations with independent legal representation advising you of the implications and technical requirements needed to enable your agreement to be upheld by a court. We’ve designed the process to minimise stress and enable confidence that both sides are protected (fairness is a fundamental criteria for couples agreements to stand up in court).