Dannenbaum Law Firm, PLLC

Millennials and prenups

When couples in Virginia get married, divorce is typically the last thing on their minds. However, even once-solid relationships have been known to end in divorce. When this happens, both spouses will have to negotiate financial issues, such as dividing joint assets and debts. A spouse may also be responsible for paying alimony or child support to the other.

In recent years, more millennial couples have sought to address the possibility of a marriage ending by entering into a prenuptial agreement. The reasons why relatively young people are choosing prenups vary.

In some cases, these couples may be more anxious about finances than other generations. After all, millennials remember the great recession of 2008, and many report choosing career paths based on financial remuneration rather than personal satisfaction. As a result, engaged couples may be concerned about rebuilding their finances after a divorce. A prenuptial agreement can limit the amount of spousal support one party may have to pay the other and could also serve to protect assets acquired after the marriage.

Another consideration is that many of these couples are dual-income, and wives may have entered their marriages with significant wealth, including homes, investments or even businesses. As a result, these women may seek to protect their assets in case their marriages might end. Because of women's increased economic independence, it is not unusual for wives to have to pay their husbands spousal support after a divorce. In addition, changes in child custody laws may require mothers to pay child support to their children's fathers.

Individuals considering marriage may benefit from speaking with an experienced family law attorney. The lawyer may be able to review the client's situation and make recommendations regarding prenuptial agreements and other marriage-related issues.

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