When news broke of Taylor Swift and Travis Kelce’s engagement, fans everywhere swooned. But beyond the fairytale headlines lies a less glamorous, but no less important, conversation: prenups.
Engagements may be about rings and romance, but financial planners and family lawyers see them as something else too – the perfect moment for couples to talk openly about money, assets, and expectations before saying “I do.”
And while Swift and Kelce have more to protect than most, marriage contracts aren’t just for celebrities. They’re becoming an increasingly common tool for couples who want clarity, fairness, and peace of mind in their relationships.
“Many people want a dollar amount in terms of when it’s worth it to have a marriage contract or to protect your assets, but it’s really a philosophical question,” said Jag Gandhi, VP, High Net Worth Planning Services at RBC Wealth Management. “It’s up to you what is considered wealth and what you consider worth protecting. When you feel that nudge inside you, that’s probably a good indicator.”
For years, Gandhi has helped couples and families navigate their finances, assisting with the planning and execution of wealth transfer plans and marriage contracts.
But, as Gandhi points out, they’re not a cure-all.
“They’re not going to solve your problems in life,” she said. “But they provide a tool in the toolbox for a situation that may not be pleasant. And the question becomes: what tools are you giving yourself, your partner, or your estate to navigate something difficult?”
Having the talk
So what exactly goes into a marriage contract?
At its core, Gandhi explained, it’s about two buckets: property rights and support rights.
Property rights cover the assets you bring into the marriage and want to protect. Support rights deal with whether – and how – spouses would support each other in the event of a breakdown.
“Those are really the two categories,” she said. “You can’t decide future custody of children in a contract, but you can set the framework for how you want to handle your finances as a couple.”
But, as many of us know, money is an emotional subject, and prenups can sometimes feel like the opposite of romance. Many couples worry that even bringing it up is like foreshadowing divorce.
Gandhi gets it – and she advises taking the pressure off by starting with hypotheticals.
“If you lead with your own situation, emotions can boil quickly,” she said. “But if you mention a friend’s experience or a story you read, you can see how your partner reacts without it getting too personal too fast.”
In other words, you don’t need to launch straight into spreadsheets; you can test the waters with a glass of wine and a ‘what would you do if…?’
A change in attitude
While prenups can still be a taboo topic for some, there has been a notable shift in how the younger generation is thinking about marriage contracts, said Gandhi. A survey conducted at the start of the year found that more than half of Gen Z Canadians want their partner to sign a prenuptial agreement if they get married, compared to the 31 per cent national average.
“It’s amazing how aware they are,” Gandhi noted. “Gen Z has seen the breakdown of marriages up close – it’s not six degrees of separation, it’s one. So for them, prenups aren’t taboo. They’re just part of the process.”
She has also noticed women taking a bigger role in financial conversations, likely driven by the increasing number of women inheriting wealth, building businesses, and wanting to protect what they’ve created.
“I’ve watched more and more women come in with their notebooks saying, ‘Teach me what I need to know,'” said Gandhi. “And then they turn around and tell their daughters: don’t wait until you’re 65 to learn this stuff.”
There is also a difference in how men and women approach financial conversations, especially when it comes to wealth transfer, she said. Women often take a more holistic approach, starting the conversation by looking at family harmony and ensuring there are no hurt feelings, rather than diving straight into the numbers.
Regardless of whether you’re broaching the subject of a marriage contract with your partner or are a parent looking to ensure your family’s inheritance is well taken care of, the biggest piece of advice Gandhi can offer? Start early.
“Taxes, death, and the breakdown of a marriage are some of the most complex events in people’s lives,” she said. “Lean into the planning when things aren’t at their peak, when you have time to make informed decisions, process and understand your options. The more well prepared you are for those types of things, the better you’re setting yourself up for success.”
