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Millennials head off property division disputes with prenups

Jul 11, 2018 | Firm News, Property Division

Delaying marriage in favor of advancing a career is perhaps as millennial as it gets. Many people in West Virginia want to have a more secure job and stronger financial foundation before tying the knot, which is understandable, but it can present problems. What is a person to do when he or she brings significant assets into a marriage? For most, a prenuptial agreement that addresses property division is the smartest approach.

A whopping 71 percent of millennials told Wakefield Research for Graebel that they would put off marriage if it meant they could relocate to a more desirable location for their jobs. Another 72 percent reported they would wait to have kids for the same reason. This attitude is a defining feature of the millennial generation, as they work to build their careers and acquire essential life assets, like retirement savings. The idea of suddenly having to take something an individual worked for years to achieve and split it up during divorce is disconcerting.

Debt is another serious concern. The national student loan debt currently stands at $1.5 trillion, with much of it shouldered by people between the ages of 18 and 34. No one wants to get married only to be saddled with his or her ex’s debt upon divorce.

Property division, protection for property that increases in value, and inheritance rights are the top three concerns for millennials ready to say “I do.” However, these are not just generational concerns. Anyone of any age can benefit from considering the benefits afforded by a prenuptial agreement. From determining spousal support to heading off possible disputes, these documents should be an essential aspect of wedding planning in West Virginia.