Major life changes can rock your world. Marriage, kids, divorce… relationships are challenged like never before during big transitions.
The problem?
Most people don’t plan for these changes until after they’ve happened. By then, stress levels are off the charts.
There is good news. With adequate planning and legal intervention, major life changes can be much smoother for families. Learn how working with a prenuptial agreement attorney can protect your loved ones.
What you’ll learn:
- Why Major Life Changes Require Legal Prepwork
- Prenups Are More Popular Than Ever
- How a Prenuptial Agreement Attorney Benefits Families
- When to Consult With an Attorney
Why Major Life Changes Require Legal Prepwork
Major life changes are stressful. They’re emotionally taxing for you and your family.
But they can also be complex from a legal standpoint.
Consider…
When a couple gets engaged, they start planning the wedding. The honeymoon. Maybe they even look for apartments to buy together.
They plan on being together forever. What they don’t do is plan for the possibility they won’t.
It’s not meant to scare you. Instead, think of it as being responsible.
A reputable Virginia divorce lawyer can help couples understand how working with a prenuptial agreement attorney allows them to protect assets and set expectations for the future. After all, these family law attorneys help clients with issues that impact every stage of their relationship.
The fact of the matter is this…
Families who plan for potential issues ahead of time handle major life changes with less stress. Those who wait scramble to figure things out when tensions are already high.
Prenups Are More Popular Than Ever
Prenuptial agreements have been taboo for a long time. Many believed that they were only for “rich people” or couples who were just destined to fail.
Not true today.
According to Harris Poll data, 47% of millennials who are married or engaged reported having a prenuptial agreement. That’s a complete game changer when you compare how previous generations felt about being married and in-law agreements.
Millennials view prenups as something sensible and normal. Here are some reasons why:
- People are getting married later in life with more assets
- Student loan debt creates unique financial challenges
- More couples are starting their own businesses
- Second marriages mean children and finances from previous relationships
Need more proof? Take a look at these statistics:
From 2010 to today, couples who had a prenup increased from 3% to 15% of all married people. Prenuptial agreement attorneys have seen demand rise as couples look to customize their agreements.
How a Prenuptial Agreement Attorney Helps Families
OK, now let’s dig into how working with a family lawyer can really benefit your family.
When you hire a prenuptial agreement attorney, you’re not just hiring someone who will draft up a legal document.
These professionals guide families through tough conversations about finances, divorce expectations, and more.
Take a look at the following:
- Protect assets for both spouses
- Identify who is responsible for debt
- Protect business ownership
- Secure inheritance and family wealth
- Set expectations for spousal support
These aren’t exactly topics you want to dive into over Sunday breakfast. Hiring a legal expert to help you both can make a huge difference.
According to the Institute for Divorce Financial Analysis, 63% of financial professionals believe prenups eliminate costly legal disputes during divorce. That is huge! If couples have already agreed on how assets will be divided, there is less fighting during an already stressful life transition.
The Process of Working With an Attorney
Let’s take a look at how working with an attorney typically works.
Step 1: Both parties sit down with the attorney to discuss their current financial standing. Honesty is the best policy. If you hide assets or debts, your agreement will be invalid later.
Step 2: Your attorney drafts your agreement. Everything you both decide will go into this document from who keeps the house to if one party even gets alimony.
Step 3: Both parties should have their own attorney review the agreement. While you can use the same attorney, it gives each person greater leverage that what your partner wants is “fair.”
Step 4: Both parties sign the agreement in front of a notary public. You don’t want to sign the agreement the day of your wedding. Give yourself time to rethink decisions down the road.
Expect to pay around $8,000 for your average prenup if you go through traditional attorney services. Yikes! But let that number sink in for a second. The average divorce can cost couples $15,000 to $20,000 when they fight over assets.
An ounce of prevention…
When to Seek Legal Advice
Not every couple needs to get a prenup. However, every couple can benefit from talking to a prenuptial agreement attorney.
Let’s take a look at scenarios where consulting a lawyer makes sense:
- You or your partner has significantly more wealth than the other
- You own a business (or plan to start one)
- You or your partner has kids from a previous relationship
- You plan to inherit wealth in the future
- You or your partner brings debt into the marriage
Life situations like these create unique complexities. Without a plan, they can turn disastrous if the marriage ends in divorce.
Major Life Changes that Need Other Forms of Legal Support
Don’t forget…
Prenuptial agreements aren’t the only way to protect your family during major life changes. Many events can impact your family dynamics.
A truth about families in 2023 is that they face challenges that past generations never knew existed. Blended families, remote working, and non-traditional careers all pose unique circumstances.
Here are a few other ways to protect your loved ones:
- Postnuptial agreements (after you get married)
- Child custody agreements if you have children with a partner
- Estate planning
- Succession planning if you own a family business
Connect with a family lawyer to learn more about how legal agreements can help your loved ones.
Wrap Up
Life is always changing. Especially if you decide to start a family.
Major life changes like marriage, kids, job transitions, and even divorce can challenge your relationships. But they don’t have to tear families apart.
Remember…
If you plan for difficult situations before they happen, you can significantly reduce your stress levels down the road. Not only will you protect your assets, but your family relationship will be healthier.
A family attorney can help you navigate whatever life throws your way. Whether you’re preparing for a new marriage or facing challenges with your current relationship, don’t wait until things get tough to seek help.
The sooner you plan, the better your family will thanks you later.
