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prenuptial agreements Archives

How an estranged couple can prepare for mediation

The end of a marriage can be a difficult time for all parties involved. However, Virginia couples can avoid divorce litigation by considering mediation. Mediation allows both parties to try and work together to come to an agreement on important family law issues like child custody and property division. Because both parties are involved in reaching an agreement, they are more likely to be happier with the results. However, both parties can make the process a bit easier by preparing for it.

Prenuptial agreements can help to prepare for the future

Virginia couples who are considering getting married may be well-advised to think about entering into a prenuptial agreement. While some people may think of a prenup as a sign of mistrust or a poor relationship, these agreements can contain provisions to protect both parties.

Dealing with finances when blending two families together

After going through a divorce, some Virginia parents decide to remarry later in life. When both future spouses have children from their earlier marriages, they join to create what is called a "blended family." While blended families can work, they often have their own set of unique financial challenges due to a variety of factors.

Prenups may protect a person from their spouse's debt

For Virginia couples looking to get married, it can be important to understand the benefits of prenuptial and postnuptial agreements. This is especially true if one future spouse does not have money managing skills and is at risk for racking up debt. While they are not foolproof, a prenup or postnup can help a spouse protect the assets that they had prior to the marriage. These documents can also determine who will be responsible for any debt in the event that the marriage does not last.

How a prenuptial agreement can protect an inheritance

There are several ways that people in Virginia might attempt to protect family property in case of a divorce. People should not mix an inheritance with the marital funds. This includes using an inheritance to purchase items or pay for services, such as buying or renovating a home, even if the money remains in a separate account. Once they are used to pay for shared property, the funds themselves might be considered marital property.

Taking advantage of a prenuptial agreement in Virginia

Couples preparing to marry generally don't want to think about what would happen if they end up getting a divorce. However, that's essentially what a prenuptial agreement involves. Prenuptial agreements allow couples to determine, in advance, how a variety of issues will be settled if the marriage fails.

Why millennials might consider a prenup

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.

Same-sex marriage and prenuptial agreements

Following the Supreme Court decision declaring that state laws banning same-sex marriages were unconstitutional, many couples in Virginia and across the nation have married or are planning to marry. Same-sex couples may have spent years together accumulating substantial assets. When they decide to marry, protecting their interests in case of a subsequent divorce is important.

Financial planning before marriage

Many married couples in Virginia realize too late that they are financially incompatible. Couples often walk down the aisle having never discussed their finances or created a prenuptial agreement to specify who owns what. Later on, spouses with completely different views on spending, saving and investing could have a lot of conflict.

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