Prenuptial Agreements & Millennials
Why Are They Perfect For Each Other?
Millennials are one of the largest generations in history and their unique experiences have given them different expectations and priorities from previous generations. Millennials include adults born between 1980 and 2000, and research has shown that they are particularly focused on finances, education, their physical and emotional wellness, and planning for the future. As a result of this shift in focus, millennials are delaying marriage until later in life and have been slower in forming their own households compared to previous generations.
What happens when millennials take longer to get married? This usually means millennials are more likely to accumulate more premarital assets than most generations that have come before them. On the other hand, marrying later in life also allows for the accumulation of more debt before marriage. This is especially true because of the ever-increasing amount of student loan debt people are accumulating. Without a prenuptial agreement, a party may be left responsible for some or even half of the others outstanding debt after a divorce, as well as dividing their assets including a portion of their premarital assets.
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