Warren Buffett once described marriage as the most critical financial decision in a person’s life, underscoring its numerous economic advantages. However, when marriages fail, they often result in complex and financially burdensome divorces, referred to as “divorce debt.”
Prenuptial agreements (prenups) offer a practical solution to mitigate these outcomes. TurboDebt recently surveyed 3,000 married couples to determine the adoption rate of prenups across the country.
They found that, on average, over 1-in-10 married Florida couples (11%) have a formal prenup in place (compared to a national average of 13%).
Read: Lawsuit In Florida Revived Over Pediatric Care Money
“Our survey highlights the growing recognition of prenups as a valuable tool for financial planning and conflict avoidance in marriages,” says Josh Stomel, Co-founder of TurboDebt.
“While some still view prenups with skepticism, many couples see them as a practical step to safeguard their future and ensure clear financial responsibilities,” he adds. “It’s important for couples to have open and honest discussions about financial matters, and a prenup can be a part of that conversation,” Stomel acknowledges.
The survey revealed some interesting geographical variations.
Couples in Massachusetts are the most prenup-prone, with 19% of their marriages featuring these legal lifelines. On the flip side, couples in Missouri are the least likely to sign on the dotted line, with only 5% having prenups.
Why Arrange a Prenup?
When asked why they opted for a prenup, 45% of respondents said it was to avoid potential divorce drama. Another 35% wanted to protect their personal savings, while 19% just wanted to lay out clear financial ground rules.
Read: State Of Florida Tax Collections Top Estimate
Prenup Discussions and Regrets
35% of couples surveyed reported conflict over a prenup before their wedding. Additionally, 42% of married couples without a prenup regretted not getting one.
Perceptions of Prenups
TurboDebt also explored the perceptions of single individuals and unmarried couples regarding prenups. Among single people, 32% believed that having a prenup is a ‘recipe for disaster’ within a marriage.
When asked how they would react if their future spouse introduced a prenup right before the wedding, 47% of unmarried couples said they would accept it but start negotiating immediately.
Meanwhile, 29% said they would sign it blindly, believing that love conquers all, and 23% indicated they would call off the wedding.
Help support the Tampa Free Press by making any small donation by clicking here.
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Sign up for our free newsletter.