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Could you benefit from a prenuptial agreement?

43131363_S.jpgUnlike their parents, millennials in Missouri tend to put off marriage, prioritizing other aspects of life. However, this does not mean that millennials are swearing off marriage altogether. Many people in this generation want to establish themselves in their career or build a more solid financial foundation before saying "I do." A carefully worded prenuptial agreement may be essential for protecting assets accrued before marriage.

In the past, prenups have largely been used by those of considerable wealth, but high-value inheritances are no longer the main driving force behind these documents. A person's hard-earned business interests, careers and other personal assets are still important and worthy of protection in the vent of a divorce. A study revealed that most people agree, with the top item covered by prenuptial agreements listed as separate property, and the third being future asset division.

Prenups not only protect a person's separate property, they also protect spouses from one another. Many millennials shoulder hefty amounts of debt. Student loans, credit card bills and other debts may all be included during asset division, even if some of that debt was taken on by only one person or before the start of the marriage. Using a prenup to carefully outline which party is responsible for which debts can ensure that no one takes on an unnecessary load. It is not uncommon for prenups to state that only the person who took on the debt will be responsible for paying it off.

Whether an individual has significant personal assets that he or she would like protected, or is concerned about the amount of debt a future spouse is bringing into a marriage, a prenup can help. The protections afforded by a prenuptial agreement are invaluable to virtually everyone in Missouri. However, since family law can be a complicated matter, it is important to ensure that all prenuptial agreements are carefully and thoroughly worded so that they are enforceable.

Source: refinery29.com, "Prenuptial Agreement Popularity Rise Among Millennials", Sarah Midkiff, Dec. 5, 2017

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