Because of debt or because of having many assets, millennials in El Paso who are getting married might want a prenuptial agreement. According to a survey by the American Association of Matrimonial Lawyers, there has been a rise in the number of millennials seeking them.
millennials are carrying a large debt burden. A significant amount may be student loans. As of 2017, college graduates had upwards of $38,000 in debt on average. Millennials might be concerned that in a divorce, they will have to pay part of an ex-spouse's debt. A prenup may prevent this.
Some millennials are also concerned about protecting hard-earned assets. Millennials are marrying at later ages than their parents did, and they entered the workforce during tough economic times. As a result, those who have managed to accumulate property such as real estate, investments and retirement accounts might want to make sure they hold onto those assets and do not lose a significant amount of them in a divorce.
The attitude of millennials toward prenuptial agreements may reflect their attitudes about marriage. They appear to consider it less important than previous generations. One survey found that the average millennial would be willing to postpone marriage for seven years if it meant being able to take a big promotion. Another found fewer than half considered it a significant life goal.
Prenuptial agreements may be particularly important for people who live in Texas because it is a community property state. This means that most assets acquired by either person after marriage are considered shared assets that will be split 50/50 in a divorce. However, if couples do not have a prenup, they may be able to negotiate an agreement for property division that suits them. Instead of dividing all property equally, one spouse might keep certain assets while the other might keep different ones of roughly equal value.