When people in Virginia think about prenuptial agreements, they may think that such agreements are used only by celebrities, millionaires and people who have inherited a significant amount of family wealth. However, many people can find these agreements useful and helpful, even when they don't have major financial resources. A prenuptial agreement is, at its simplest, a contract made between two people before they get married that deals with the property they have at the time of the marriage.
When Virginia children come from wealthy families, they might feel pressured by their parents to sign a prenuptial agreement before getting married. Although parents often do this simply because they are concerned about preserving the family wealth, children might be resistant and feel this is a reflection on their parents' feelings about their future spouse.
Virginia couples planning for marriage may face the question of whether or not to get a prenuptial agreement. Some future spouses might feel that a prenup creates division between partners and helps to lay the groundwork for divorce before the marriage even begins. These documents can also make it seem as if one partner's family is undermining the marital bond. Despite the negative conceptions of prenuptial agreements, they can actually work to strengthen a relationship and build a more solid marriage.
Before getting married, most Virginia couples hope that their unions will last a lifetime. However, studies show that over half of all marriages end in divorce. As more people are recognizing the reality of divorce, prenuptial agreements are becoming popular among millennials, particularly women.
With a prenuptial agreement, spouses can determine rules for property division if a marriage ever goes south. While some Virginia couples might feel that a prenup indicates that they are preparing to get a divorce, this is not necessarily the case. A prenup simply protects people in the event of separation or the death of a spouse.
Virginia couples who are planning on getting married often consider drafting a prenuptial agreement. Their reasons for doing so vary, but the primary concern is typically to protect assets if the marriage should come to an end. Contrary to popular belief, prenups aren't just for wealthy people, and many working and middle-class couples opt to sign one.
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.
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.
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.
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.