Couples preparing to marry generally don't want to think about what would happen if they end up getting a divorce. However, that's essentially what a prenuptial agreement involves. Prenuptial agreements allow couples to determine, in advance, how a variety of issues will be settled if the marriage fails.
Millennials in Virginia who are getting married and have family money or own businesses might want to consider putting a prenuptial agreement in place. According to the American Academy of Matrimonial Lawyers, the number of millennials who are using prenups is on the rise. More than half of the lawyers belonging to the organization said in a survey that they had seen an increase, and 64 percent of them reported that the increase happened during the past three years.
Following the Supreme Court decision declaring that state laws banning same-sex marriages were unconstitutional, many couples in Virginia and across the nation have married or are planning to marry. Same-sex couples may have spent years together accumulating substantial assets. When they decide to marry, protecting their interests in case of a subsequent divorce is important.
Many married couples in Virginia realize too late that they are financially incompatible. Couples often walk down the aisle having never discussed their finances or created a prenuptial agreement to specify who owns what. Later on, spouses with completely different views on spending, saving and investing could have a lot of conflict.