Millennials and prenuptial agreements

Some millennials living in Nevada may be more likely to get prenuptial agreements compared to their parents' and grandparents' generations. Prenups are still not commonplace. One survey found that only 5 percent of people have them despite about one-third thinking they are a good idea. However, the use of prenups is on the rise, and more women are asking for them. There are several reasons for this increase.

Many people may think of prenups as something used by rich people to protect family wealth, but this is not the reason more millennials are using them. It has more to do with the fact that millennials are marrying at later ages. They have had careers for some time, and therefore, they may have accumulated significant assets they do not want to lose if their marriages end in divorce. They may also have acquired debt that the other spouse does not want to be saddled with in case of a divorce.

Another reason may simply be that millennials have been around divorce more and are more accustomed to it. While they do not enter marriage anticipating divorce, they are aware that a prenuptial agreement can act as an insurance policy in a worst-case scenario.

However, prenuptial agreements are not necessarily guaranteed about how property will be divided. They can be challenged, and if there are questions about how they were prepared, they could be declared invalid. One of the major red flags is whether one of the parties appears to have received inadequate counsel or been coerced into signing the agreement. For this reason, a prenuptial agreement should be prepared well in advance of the wedding with plenty of discussion on both sides and meetings with attorneys.

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