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More millennials choosing prenuptial agreement

Recent research suggests that young couples are more interested in protecting their assets prior to marriage than their parents or grandparents were. In a survey conducted by the American Academy of Matrimonial Lawyers, respondents reported a noticeable increase in the number of  millennials who are drafting a prenuptial agreement prior to tying the knot. For Colorado residents who are considering marriage, it may be worthwhile to think about including a prenup in the wedding preparation process.

The reason behind this trend are varied. For one thing, many young people are delaying divorce until they have had a chance to establish their careers. That means amassing a degree of life experience before deciding to marry, which might translate into a more pragmatic approach about the risk of divorce. They may simply want to protect their accumulated assets, realizing that nearly half of marriages ultimately end in divorce.

Another factor may be that many millennials lived through the divorce of their parents', and some even experienced a subsequent divorce between a parent and stepparent. They may be more wary of the risk of divorce, and interested in implementing a means of shielding assets. That is not to say that they don't value marriage or wish to have a lifelong commitment to their spouse; they may just be more aware of how nasty property division can be if a marriage fails.

Regardless of the reasons behind the increase in prenuptial agreements, those young people who are pursuing a marital contract can reap a number of important benefits. Aside from protecting assets in the event of a divorce, the process of negotiating a prenuptial agreement offers a chance for Colorado couples to have in-depth discussions about money management, debt and many other issues. That can only lead to a stronger marriage in the long run.

Source: CNBC, "Before saying 'I do,' more millennials say 'prenup'", Jessica Dickler, Nov. 25, 2016

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