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Millennials and prenuptial agreements

On Behalf of | Aug 22, 2017 | Divorce

Millennials in Texas and other parts of the country are moving on with their lives, getting jobs, getting married, and having kids. Like all couples who get married, they hope that their union will last a lifetime. However, many are also realistic and are more inclined than their grandparents and parents to have a prenuptial agreement.

The reasons why this generation is more likely to insist on a prenup are complex but also understandable. Getting a divorce was more commonplace during the decades in which the millennials grew up, so they are aware that not all marriages last. In addition, this demographic tends to marry later in life, which presents some unique personal finance issues.

Because millennials may choose to marry later in life, many may already have some assets that they would like to protect in case their marriage ends. These assets may include a house or condo, savings or retirement plans or even a business. The latter can be a particular source of concern as those who own a business may wish to protect their intellectual property. Even those millennials who have few assets may look into a prenup due to a high student debt load. People who have student loans may wish to draft a prenup that determines responsibility for loan repayment if the marriage should fail.

People who believe that a prenuptial agreement may be in their best interests may benefit from speaking with an experienced family law attorney. It is important that each party to such an agreement have separate legal representation to avoid conflict of interest issues.