Student loan debt recently hit a national high, which probably comes as no surprise to millennials in Massachusetts. This generation has shouldered an enormous debt in order to obtain higher education and better jobs, and the effects of all that debt is showing up in an unusual place — marriage. Millennials are changing the game when it comes to prenuptial agreements and helping erase some of the stigma surrounding these documents. Most frequently, they are using prenups to address property division in the event of a divorce.
The current student loan debt crisis hit a record high of $1.5 trillion. The thought of taking on some of that debt just because a person said “I do” is not a comforting one, which makes prenuptial agreements particularly important. Most people do not realize that debt must also be divided during divorce, and although loans incurred before a marriage typically remain separate property, there are exceptions. A prenuptial agreement can clarify which debts belong to whom, and who is responsible for repaying them after divorce.
Debt is not the only thing of which millennials have more. They also typically have more assets when going into a marriage. Individuals between the ages of 18 and 34 are more likely to delay marriage in favor of advancing their careers, which means they are bringing assets of significant value into their relationships. A thorough prenup can protect these assets.
Millennials may be less likely than past generations to view prenuptial agreements as indicators of divorce. Instead, many look at them as important legal documents that can protect them during an emotional, vulnerable time. By protecting their own assets and safeguarding themselves from unwanted debt, Massachusetts couples can proceed confidently toward marriage.