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Lawyers report rise in younger people getting prenups

76765603_S.jpgGetting a prenuptial agreement may be more important for Missouri millennials who are getting married than in previous generations. Couples in general have been getting prenups at a higher rate than in the past, but according to the American Association of Matrimonial Lawyers, there has been an increase in millennials doing so.

With the average age of marriage rising for both women and men, millennials are going into marriage with more assets than their parents may have had. They may want to protect real estate, investments and retirement funds, and a prenup may help them do that. Others may be struggling with debt. In 2017, college graduates' average student loan debt was more than $38,000. Millennials may have other debt as well, and their spouses-to-be might be concerned about having to pay back some of those debts in case of a divorce. They may see a prenup as a solution.

Studies have also found that millennials view marriage differently from previous generations. This could contribute to their reluctance to risk losing assets or going into debt for the sake of a marriage. One survey found that fewer than half named marriage as a life goal while in another, millennials on average said they were willing to postpone marriage for seven years if it meant saying yes to an important career promotion.

These types of agreements may be particularly important in a high-asset divorce such as one in which one person owns a business. Without such an agreement in place, one spouse may be able to claim part ownership of the venture. However, it may still be possible for couples to negotiate an agreement for property division that they are happy with. This could be particularly important in a high-asset divorce with no prenup since it may allow them more control over the outcome than litigation does.

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