Dannenbaum Law Firm, PLLC

Posts tagged "Prenuptial Agreements"

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.

Prenuptial agreements can work for everyone

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.

How prenuptial agreements may protect family wealth

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.

Prenuptial agreements help couples plan for marriage

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.

Why more couples are signing prenups

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.

Deciding to get a prenuptial agreement

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.

Before signing that prenup

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.

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