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More millennials choosing prenuptial agreements, study says

The millennial generation in Gig Harbor differs in many ways from generations past, and it goes well beyond the music they listen to and the fashions they wear. One thing they may be more apt to do, according to one study, is to enter into a prenuptial agreement (a prenup) before walking down the aisle.

One survey performed by the American Academy of Matrimonial Lawyers revealed that just over 50 percent of attorneys polled noted an increase in the number of millennials seeking prenups. Only 2 percent noted a decrease in these numbers for those between the ages of 18 and 34. In addition, 62 percent of attorneys surveyed reported seeing an overall increase in the number of people seeking their help with a prenup over the past 36 months.

One reason that more millennials may be seeking prenups is that they are marrying at a later age than generations past. In fact, a TD Ameritrade survey in 2015 of 1,000 individuals 18-years-old and older reported that almost one-third of millennials were delaying marriage, partially due to their financial obligations. Moreover, 38 percent of respondents reported postponing having children. In addition, a Wakefield Research for Graebel survey reports that many millennials have proactively put off marrying and having children because they wish to advance in their careers first.

In fact, when creating a prenup, the three main areas of concern were protecting the growing value of separate property, protecting inheritances and property division. Not only do millennials enter into prenups to protect their assets, but also to address their debts, particularly student loan debt, which has reached almost $1.3 trillion across the nation. Moreover, as many millennials have experienced their parents' own divorce, they are more inclined to protect their interests before heading into a marriage.

All of this may be a good thing. It is important for individuals entering into a marriage to discuss finances, and it never hurts to be prepared in the event of a divorce. A prenup may do both these things. Therefore, those who wish to create one may want to contact an attorney to ensure the prenup is complete and enforceable.

Source: CNBC, "Before saying 'I do,' more millennials say 'prenup'," Jessica Dickler, Nov. 25, 2016,

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