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Why millennials should consider prenuptial agreements

Millennials are changing the way couples look at prenuptial agreements. The idea that couples with prenuptial agreements are anticipating divorce is fading with the past. According to the American Academy of Matrimonial Lawyers (AAML), the majority of lawyers have seen a rise in the number of couples asking for prenuptial agreements.

If you are considering getting married or are recently engaged, consider the following three reasons more millennials are choosing to protect themselves in the event of a divorce:

  1. College debt: According to recent findings by the Federal Reserve, student loan debt is almost 1.6 trillion dollars. Unfortunately, debt can be divided during a divorce. Because student loan debt is so common among millennials, people are choosing to protect themselves and their partners from incurring debt if a divorce occurs.
  2. Higher assets: The average age men and women are choosing to get married is now almost 28 and 30 years old.This gives people time to start a business, build a 401(k) plan and accumulate property. Prenuptial agreements provide protection from having to divide these assets in the event the couple splits later in life.
  3. Divorce rates:While millennials are bringing the divorce rates down in America, divorces have not gone away. Many millennials grew up in a time when divorce rates were close to 50 percent. Millennials consider prenuptial agreements as a form of insurance in case something changes down the road.

Millennials and people of other ages also might sign a prenuptial agreement to protect children from other marriages or future inheritances they might receive during the marriage. Whatever the reason might be, it can be beneficial to speak with an attorney to see if a prenuptial agreement might be a good idea for you.

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