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prenuptial agreements Archives

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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