Dannenbaum Law Firm, PLLC

Posts tagged "Prenuptial Agreements"

How to create a fair prenuptial agreement

A prenuptial agreement or a cohabiting agreement can be a good idea for couples in Virginia who are getting married or moving in together, but it is important that it is put together with input from both individuals. One woman learned this when her boyfriend gave her a cohabiting agreement that stated that if they married, she would not receive any alimony. She also would not receive any financial compensation for the home he had purchased with his mother's help no matter how much money she put into it.

Reasons to get a prenuptial agreement

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.

More couples are using prenups in the startup age

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.

Prenuptial agreements may be ideal later in life

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.

Millennials and prenups

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.

Prenuptial agreements result in greater financial awareness

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.

Should you get a Prenuptial Agreement?

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.

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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.

What couples in Virginia need to know about prenups

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.

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