Millennials in Kentucky who are getting married may want to get a prenuptial agreement. The number of prenups has significantly increased over the past 20 years, but according to a survey by the American Association of Matrimonial Lawyers, there has been a more recent increase in prenups among millennials.
There are several reasons this generation might be more inclined toward prenups. The age at marriage is increasing, and this means that many millennials have had time to acquire significant assets. They might have a house and retirement accounts or stock options they want to protect. On the other hand, many millennials have a significant amount of debt. Student loan debt is common, and in 2017, the average college graduate’s student loan debt was over $38,000. People may be concerned that in a divorce, they would have to take on part of the debt belonging to an ex-spouse; a prenup could prevent that.
Millennials also tend to place a lower priority on marriage than previous generations, and this could make them less likely to risk losing assets or taking on debt. In one survey, just 42 percent said that marriage was a life goal. Another survey found that the average millennial would delay marriage for seven years if it meant being able to accept a life-changing promotion.
Couples who do have a prenup need to make sure it is prepared correctly, or it could be successfully challenged in court during divorce. It could also be declared invalid if one person appears to have been coerced into signing it or did not get adequate legal counsel. Couples without a prenup may still be able to reach an agreement about property division that satisfies both of them. Some people find that an alternative dispute resolution method, such as mediation, allows them to work through their conflict in divorce negotiations.