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More millennials are choosing prenuptial agreements

Property Division Issues

Getting a prenuptial agreement is becoming increasingly popular among millennials in Georgia and across the U.S. A survey of attorneys that was completed by the American Academy of Matrimonial Lawyers found that more than half of the respondents reported that they had witnessed an increase in prenuptial agreements among this particular demographic.

In general, prenuptial agreements among all age groups have increased five times in the last 20 years. However, the increase among people who are between the ages of 18 and 34 is a newer trend. One reason that more millennials are opting to get prenuptial agreements is that they are choosing to get married later and may have amassed more assets by the time that they tie the knot.

The average age that people are choosing to marry is now 29 for men and 27 for women. By the time that they get married, they may have accumulated savings in their 401(k)s, purchased real estate and have stocks and other investments. Getting prenuptial agreements can help to protect those assets if they later get divorced, and the agreements may also be used to protect people from their spouses’ debts.

Having prenuptial agreements may protect people if their marriages end. In cases in which the spouses do not have prenuptial agreements, the courts may divide the assets and debts in a manner that they believe is fair. With prenuptial agreements, people can determine how their assets and debts will be handled if they get divorced. This may help people to protect the retirement assets that they have saved and to avoid taking on the debts of their spouses. People who are thinking about getting married may want to talk to attorneys about prenuptial agreements so that they can learn how these documents might protect them.

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