Many Missouri couples might skip a prenup when they get married if they are just starting out or are still college students. Like many people, they might assume that a prenup is only for those who already have substantial assets. However, a prenup is one way to plan for the future, particularly when there is always the possibility that a couple's financial situation might significantly change.
Social groups have a strong influence on the lives of people in Missouri. When spouses in unhappy marriages have friends, relatives or co-workers who have ended their marriages, divorce risks rise. A study that looked at the peers of 5,209 men and women determined that the risk of divorce goes up by 75 percent when a spouse has a close friend who goes through a divorce.
According to research, children of divorced parents are more likely themselves to get divorced, with daughters of divorced parents having a 60 percent higher chance and sons 35 percent more likely. There are other factors that also make a divorce more likely. People in second marriages and marriages of only a few years have a higher risk than those in first marriages or those who have been married for a long time. However, longevity is no guarantee of a lasting marriage, and couples 50 and older in Missouri and throughout the country are more likely to divorce than the past.
Many people in Missouri are struggling under the weight of student loan debt, which has grown dramatically in the past decade. On average, student loan borrowers have $34,144 in debt. The average debt for graduates of the class of 2017 is even higher at $39,400. In the past 10 years, the percentage of borrowers who owe more than $50,000 has gone up 300 percent. Just as student debt can have a significant impact on life decisions, it can also have a major effect on marital relationships.
Getting 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.
People in Missouri should know that when they decide to divorce, there is a range of legal and financial implications that can come with the end of a marriage. In addition, it can be important for individuals seeking a divorce to update their estate planning documents as soon as possible. While some changes cannot be made until a divorce is finalized, others can be made even while the divorce is pending. Making these changes as soon as possible can be important for protecting a person and his or her beneficiaries and heirs and preventing unwanted outcomes, especially if there is a risk that someone could become incapacitated or even pass away while the divorce is pending.
There are certain factors that may make Missouri residents more likely to get a divorce. One of these factors includes situations in which women begin earning more than their husbands after having entered the marriage earning less or not working. According to a study conducted by Swedish researchers, couples in this situation have a higher chance of getting divorced.
When Missouri business owners consider divorce, they may be concerned about the effect of the split on their family business. In many cases, the most significant asset that a couple has is the business, and it can add complex concerns to the property division process. In order to deal with the business accurately and fairly in the divorce, it is important to establish a proper valuation for the enterprise and look closely at how business income affects the marriage.
We noted in a recent blog post that divorce in the United States has been "the catalyst for many evolving family units, with blended compositions of virtually every scope" (please see our June 17 entry).