Some people in Virginia who are getting married might want to consider a prenuptial agreement. Divorce usually means having to divide property acquired during the marriage. A prenup can protect people who are entering a marriage with substantial assets, but the document also has other uses. If either person has children, a prenup can protect assets for those children.
The laws in many states have a presumption that any wealth gained during the course of a marriage is the property of the couple rather than the spouses separately. For Virginia couples considering marriage, a prenuptial agreement can be a safeguard against much of the havoc of divorce. According to a 2016 American Academy of Matrimonial Lawyers survey, 60% of divorce lawyers said they'd seen an increased demand for prenuptial agreements in the prior three years.
Individuals in Virginia tend to be older and have a higher net worth when they get married for a second or third time. Furthermore, they may have children or other interests that they want to protect in the event of another divorce. Therefore, it may be a good idea to negotiate and execute a prenuptial agreement before getting married again. Creating such an agreement may also allow couples to plan for their eventual retirement.
When couples in Virginia get married, divorce is typically the last thing on their minds. However, even once-solid relationships have been known to end in divorce. When this happens, both spouses will have to negotiate financial issues, such as dividing joint assets and debts. A spouse may also be responsible for paying alimony or child support to the other.
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.
A prenuptial agreement is a legally binding agreement between two people who intend to marry that determines how assets and debts shall be divided upon a separation, divorce, or death. It may also determine whether or not or how much spousal support or alimony will be paid upon separation or divorce.
Marriage is serious decision in Virginia, but so is divorce. As a result, some couples choose to protect themselves and their assets by signing a prenuptial agreement prior to tying the knot. In fact, according to a 2016 survey by the American Academy of Matrimonial Lawyers, family law attorneys have seen a 60% increase in couples choosing to enter into prenuptial agreements since 2013.
Prenups are not just for addressing money matters. They can also have terms regarding something that is very important to many couples: Family pets.
The recent secret wedding of Justin Bieber and model Hailey Baldwin may not be of interest to all Virginia couples. However, the fact that the pop singer has considerably more wealth than his bride illustrates the importance of planning ahead when a marriage involves noticeable net worth discrepancies. The pair reportedly did not consider a prenuptial agreement, which could result in a big payday for Baldwin in the event of a divorce.
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.