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Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

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millennials marrying and signing prenups

Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

It’s not exactly news that millennials are marrying later than the generations before them. But to give you a sense of just how differently they approach the tradition from their parents, in 1962, nearly 60% of 18- to 30-year-olds were married. Today, just 20% of people in that same age range have tied the knot. As such, they’re older than their predecessors were, too—whereas the average woman in the ’70s was barely 20 when she walked up the aisle, today she’s over 27.

Waiting to be more mature and financially stable before marrying is not a bad thing, and could help to explain another trend on the rise among this age group. Before saying, “I do,” millennials are asking for prenups, in larger numbers than before. In fact, just over 50% of matrimonial lawyers attest that the number of millennials requesting prenuptial agreements is on the rise.

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How couples manage their money together

Two Couples Open Up On How They Manage Money, Together

Far and away, money issues are the leading cause of stress in relationships. It makes sense when you consider that nearly 13 million Americans withhold financial information—including bank accounts and credit cards—from the people they love.

Obviously, that’s not exactly a healthy way to engage in a relationship. That’s why, instead of allowing money issues to balloon into financial infidelity, or to become even a minor source of tension between you and your partner, it’s important to talk about how the two of you plan to manage your money as a couple.

SoFi members Jennifer Nichols and Anthony Latta learned over time what it takes to successfully combine their individual financial lives with that of their partner’s through trial-and-error in their own relationships. Here’s their advice for merging money in a relationship, from what works well to what definitely doesn’t.

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Paying for fertility treatment using a personal loan

Paying for Fertility Treatments: How One Couple Financed their Path to Parenthood

The plan, Jonathan recalls, was straightforward: Marry his fiancée, get away for a honeymoon, and get down to the business of starting a family.

“My wife was 39 and I’d just turned 40,” he says. “We wanted to have kids, and we also knew time wasn’t necessarily on our side.”

The wedding and honeymoon were beautiful. But soon after their return—and after several months of trying to conceive without success—they started to worry, and decided to see a doctor. “We figured she would tell us everything was fine, but then she ordered tests.”

The news wasn’t good: He and his wife were infertile. They might still have children, their doctor told them, but not without medical assistance. “Becoming parents would require a special procedure,” Jonathan says. “And it was going to cost us a lot of money.”

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5 ways to tell if person you're dating is a good money match

5 Ways To Tell If the Person You’re Dating Is a Good “Money Match”

It’s not exactly the most fun thing to sit down and figure out whether the person you’re dating is on the same page as you financially—in fact, you could practically call it a buzzkill. But if you’re serious about one another, talking about credit scores, budgets, and debt is not something you should put off, because one money mistake can be all it takes to get you into serious and immediate financial trouble.

It’s hard enough to budget and track your own spending and saving habits, but when your dreams are shared and depend on the equal due diligence of another person, you have even less control over how quickly you get there. So you’ll want to find out sooner rather than later if you align on how you handle your money, before it potentially becomes an issue.

Here are five tips to help you determine whether you and your partner are a good “money match.”

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Dating with Debt: When “Netflix and Chill” meets paying the bills

It’s the beginning of a perfect modern romance: You met on an app, and after engaging in some above-average banter, you’ve been on two drink dates and out to dinner at least once. You’ve finally saved their number in your contacts under their real name (as opposed to “John/Jane Bumble”), and you’re feeling good about moving out of the “hanging out” stage toward something more serious.

And then, out of nowhere, your potential future mate drops a bomb —they’ve got debt, and lots of it. They’re carrying $100K+ in student loans. Do you walk away or stay? And if you do stay, who pays for dinner?

We’ve got debt on the brain year-round here at SoFi, but with Valentine’s Day just days away, we’ve got love on the brain too, so we surveyed 2,000 Millennials to learn more about how they think about debt in the context of their love life.

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