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Why millennials might consider a prenup

| Dec 7, 2016 | Prenuptial Agreements |

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.

As uncomfortable as it may be for a couple who are planning to get married to discuss getting a prenup, it can be thought of as a responsible way of planning for an uncertain future, just like an estate plan. With business startups, much of the work might be put in prior to the marriage, and then the company’s value may rise afterward. In a divorce, the other spouse might be able to get half the appreciated value of the business.

A prenup may also play a part in preventing a divorce. Some people write a requirement for marriage counseling into their prenups. However, if counseling fails, a prenup can still save time and money in a divorce. It also can be used to establish intellectual property and address other complex issues that might bog down divorce proceedings.

People who are considering getting prenuptial agreements should keep in mind that they could still be challenged in divorces. There are ways to reduce the likelihood of that from occurring, however. A prenup should only focus on the matters that are within the scope of such an agreement, which means that it cannot address issues such as child custody. Both parties in a relationship should have adequate legal counsel, and the prenup should be completed well before the marriage. If it appears that one person was pressured into signing the prenup, then there is the higher likelihood of it being challenged.