Millennials in Tennessee and elsewhere may decide that a prenuptial agreement is a key part of their wedding preparations. A survey conducted by the American Academy of Matrimonial Lawyers found that more than half of respondents said that such agreements were being requested among those 18 to 34. This is partially because Millennials tend to get married later in life and want to protect assets.
By the time someone from the Millennial generation chooses to get married, that person may have stocks or real estate. They may also have money in a 401(k) that they want to protect in case of a divorce. In addition to assets brought into a marriage, it is not uncommon for individuals to have student loan debt as well. Collectively, Americans owe roughly $1.3 trillion in student loan debt. A prenuptial agreement may prevent a person from having to help pay off a spouse’s debt if the marriage ends.
Furthermore, prenuptial agreements may be able to spell out the terms of a divorce before the wedding takes place. For instance, a couple could determine what would happen if one person stopped working to take care of children. While prenuptial agreements may signal that the concept of marriage isn’t what it used to be, they can be useful tools for anyone who wants to protect what is theirs.
The use of a prenuptial agreement may make it easier to resolve property division issues in a divorce. Typically, the agreement will determine what property will be divided and how. An attorney may review the document to ensure that it is valid. If the agreement is declared fully or partially invalid, it may be necessary to negotiate new terms. Ideally, agreements are finalized several weeks or months prior to the wedding.