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Alimony, prenuptial agreements and millennials

Previous generations, like the baby boomers and Generation X-ers considered prenuptial agreements something reserved for famous people trying to protect their assets in case of divorce. Many people may have thought it is purely to protect one party against the alimony claims of another. However, the millennials have come to change these ideas.

More and more Minnesota millennials are opting for a prenuptial agreement before tying the knot. Four main reasons have been identified for this move by millennials toward signing an agreement before getting married.  Millennials want to focus on becoming financially secure, independent and established in their careers before tying the knot. A prenup allows a couple to remain financially independent and keep individual assets safe should things not work out.

Further, approximately 50 percent of millennials come from broken homes. Based on their firsthand knowledge of the effects of divorce, ensuring an agreement is in place before the wedding may lead to less stress if things do not work out. In fact, many millenials have accumulated student loan and credit card debt and may be reluctant to become responsible for debt they did not incur. Another reason may be motivated by family more than the couple; future inheritance or a portion of a family business may prompt the family of one person to push for a prenup.

Regardless of the generation one belongs too, anyone in Minnesota considering marriage can benefit from obtaining information about marital contracts. While it may be difficult to talk about money issues to a future partner, paying alimony because there was no agreement in place may be less pleasant. Consulting with an experienced family law attorney may provide clarity on the what would be best for a particular set of circumstances.      

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