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Avoiding debt, protecting assets among reasons for prenups

On Behalf of | Jul 23, 2018 | Divorce |

More millennial couples in Missouri may be getting prenuptial agreements than in the past, and it is part of an overall rise in prenups. However, attorneys say the increase in prenups among the 18-to-34 age group is a somewhat more recent phenomenon, and there are several reasons this may be the case.

One reason is that millennials may be entering marriage carrying a lot of debt. Student loan debt may be particularly high for this group, and the average student loan debt in 2017 for college graduates was over $38,000. People may fear finding themselves saddled with an ex-spouses debts after a divorce, and a prenup can be one way to avoid that.

By the time they get married, other millennials may have acquired significant assets that they want to protect. The age at first marriage is rising in this group, and it means they have more time to build up retirement accounts and acquire stocks and real estate. This generation entered an uncertain job market and may be concerned about holding onto the money they have made. A prenup can protect them.

There is also evidence that marriage is viewed differently by this generation. One survey found most did not consider marriage a life goal. Another found that the average millennial would postpone marriage in exchange for an important promotion.

Prenuptial agreements may be challenged during divorce if one person feels coerced into signing the agreement or that there was not sufficient legal counsel. Prenups could also be declared invalid if they are not prepared properly. Therefore, it is important to make sure the prenup is drawn up correctly. However, even without a prenup, couples may sometimes be able to negotiate an agreement about property division that satisfies both of them. Negotiating the agreement with their attorneys instead of going to court may give them more control over the outcome.

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