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Prenuptial agreements result in greater financial awareness

| Jan 23, 2019 | Prenuptial Agreements |

When the subject of marriage arises, divorce might feel like an inappropriate topic. Divorce remains a possibility, however, and negotiating a prenuptial agreement could help a couple understand their financial position and priorities. The act of creating a contract that could guide the division of property in the event of a divorce requires Virginia couples to disclose their assets and debts and decide who gets what.

The honest discussion of finances could improve each person’s understanding of their expectations for each other and career aspirations. Both people would need to present what is owned and owed and think about what their future incomes. Sometimes people need to talk to their other relatives to investigate their assets. Parents might inform children of assets in their names that they were not aware of.

For people who are completing their undergraduate or post-graduate studies, student loans could be an important issue, and the parties could work out who bears responsibility for paying each type of debt. As two people determine the terms of their prenuptial agreement, they need to consider their current financial status and how their incomes might develop, especially if they appear poised to begin a lucrative career after medical or law school.

For the most part, a person has some flexibility when making decisions about splitting marital assets. Information about family law, however, could prevent a person from forging an agreement that might be vulnerable to legal challenges. The advice of a family law attorney could help a person protect assets while still negotiating a fair contract. An attorney might also bring to light issues that the client did not consider.