No couple weds with the intent of divorcing but, every year, thousands of spouses in Virginia and across the country choose to go their separate ways. When a divorce happens, a prenuptial agreement can be a lifesaver. A prenup is a great way for any individual to protect assets and finances in the event of a divorce, so why is there such a stigma surrounding prenups? In one demographic, there has been a significant increase in prenuptial agreements in recent years.
Reportedly, the number of millennials planning to marry who requested prenuptial agreements rose by 62% in a three year period from 2013 to 2016. There are a number of reasons for this rise, but many believe the biggest factor is that Americans are marrying later in life these days. According to the U.S. Census, in just the last 15 years the average age at which men and women married has risen from 27 to 29.9 and 25.5 to 28.1 respectively. The longer a person waits to marry, the more time he or she has to acquire assets that may need protection.
Also, about one third of millennials are children of divorce, so they often fear divorce more than prior generations. Because many millennials have been exposed to divorce, they have a better understanding of the consequences of a marital breakup. Accordingly, millennials are more likely to take the appropriate steps to protect their interests and create a prenuptial agreement.
In life and in marriage, it is a good idea to expect the unexpected. Those who desire a prenuptial agreement should start the process as early as possible. Virginia residents who have questions or want to pursue prenuptial agreements can benefit by speaking with a seasoned legal representative.