In the past, Virginia couples were more likely to get married and have children young, and most couples got married without any type of planning for a potential divorce in the future. Millennials have changed that perspective, with more of these couples opting to wait longer to get married, choosing instead to first cohabititate. They are also changing trends and the divorce process by being more likely to sign a prenuptial agreement before walking down the aisle.
A prenuptial agreement typically outlines how a couple will divide marital property in the event of a divorce in the future, but these contracts are not something that is only beneficial for the wealthy. Millennial couples often use these agreements to say how they will share debt in case of a divorce. Through these agreements, they can also decide how to address potential wealth they will earn in the future.
This is a unique approach to marriage and divorce in comparison to older generations. It’s possible millennials learned from their parents’ divorces and the missteps of older couples. They are less likely to divorce than older couples, and when they do, they are more likely to be prepared with a prenup. This makes many millennial divorces different because there is less fighting and contention over marital property.
The divorce process is often complicated because it involves fighting over money, assets and debt. Having a prenup can help a Virginia couple avoid these things and can also give them peace of mind during the marriage as well. Millennials do things differently, but it may be smart to learn from their example and explore the benefits of drafting this type of contact.