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More millennials seeking prenuptial agreements

Millennials in Georgia who are getting married may be more likely than their parents and grandparents to get prenuptial agreements. In the past 20 years, the number of people using prenups has increased significantly, but there is a particular surge in the 18-to-34 age group.

There are a number of reasons for this increased interest in prenups. One is that millennials are marrying later than previous generations; this means they have more assets to protect. Some millennial spouses may not want to lose significant assets such as retirement funds, stocks or real estate in a divorce.

Debt is another reason for getting a prenup. Student loan debt in particular is a problem for millennials as college tuition has skyrocketed. In 2017, graduating students on average had more than $38,000 in debt. Furthermore, many millennials remain underemployed, so those who do not have significant assets may be carrying significant debt. Without a prenup, an ex-spouse could be saddled with a portion of that debt. For some, this could be more onerous than having to pay spousal or child support.

Yet another reason for the acceptance of prenuptial agreements is that millennials simply do not appear to view marriage in the same way as previous generations. One survey found most would delay marriage in exchange for an important promotion, and fewer than half consider marriage a life goal.

Unfortunately, a prenup can be vulnerable to challenges. If one spouse successfully argues that there are errors in the prenup, the couple might find themselves having to negotiate property division after all. That's why it's generally wise to seek adequate legal assistance while creating a prenup.

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