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Attorneys report rise in prenuptial agreements

People in Florida in the 18-to-34 age group who are getting married might be more likely to get a prenuptial agreement compared to previous generations. According to the American Association of Matrimonial Lawyers, prenuptial agreements are on the rise in general. However, the growth in prenups among millennials is more recent.

Millennials are marrying later in life than previous generations did, and this means they might be bringing more assets into the marriage. Concern about protecting hard-earned stock options, 401(k)s and real estate in a divorce has led some to seek a prenup. Debt is a concern for other millennials. College tuition, in particular, has skyrocketed, and the average college graduate in 2017 had a debt of more than $38,000. In a divorce, one spouse could end up saddled with part of the other spouse's debt if there is no prenup specifying that will not happen.

This generation also does not prioritize marriage as highly as previous ones did. In one survey, fewer than half named marriage as a life goal. Another survey asked millennials if they would put marriage on hold for seven years if it meant a big promotion, and the average millennial said yes. If millennials view marriage as less important, they may be less likely to take any chances on losing valuable assets in case of a divorce.

However, people should keep in mind that it is important for the prenuptial agreement to be prepared correctly. If there are errors in the agreement or if it addresses issues beyond the scope of a prenup, such as child custody, it could be vulnerable to a challenge or declared invalid. Another issue could arise if it appears one spouse pressured the other into signing. One possible indicator of this is if the prenup was signed just before the wedding.

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