Premarital (prenuptial) agreements in Northern Virginia are not reserved only for the extremely wealthy. In fact, it is an option that every couple should consider and opens the door for important financial conversations before marriage.
How is a Premarital Agreement Useful?
A premarital agreement provides an opportunity to make financial decisions for your future, your children’s futures, and/or your fiance’s future, regardless whether your marriage results in divorce. However, in the event of a divorce, it can also save you thousands of dollars down the line. Negotiating a premarital agreement requires a couple to have an important conversation about their finances, and allows them to write their own rules about what should happen to those finances in the event of a divorce. Without a premarital agreement in place, the couple will be subject to the rules decided by the state legislature and, often, people do not know what those are until it is too late.
There are many reasons why a marrying couple may decide to enter into a premarital and prenuptial agreement in Northern Virginia, however some of the most common reasons include the following:
- A marriage where one party is significantly older and may have more assets that they would like to keep separate.
- A marriage where one party has obtained wealth that they would like to keep separate.
- A marriage where the two parties would like to clarify which property items are separate and which will be shared in the marriage.
- A marriage where one person would like to control future potential alimony.
Who Should Consider a Prenuptial Agreement?
Premarital Agreements are appropriate for more than couples with significant assets. Couples who enter into premarital agreements may want to protect the assets they are each bring into the marriage;
- they may want to ensure that their assets will be distributed to their children upon death, rather than the spouse, without a will contest;
- they may anticipate significant wealth accumulation during the marriage that the parties choose to handle differently than the law provides;
- they may just want to ensure they are in agreement on how finances will be handled during the marriage.
In truth, a couple should consider a prenuptial agreement, especially considering the current divorce statistics. Divorce can be a financially and emotionally draining process and entering into it protected with a prenuptial agreement can help to protect both parties and to create a fair outcome in the end.
What to Keep in Mind Before Signing a Premarital and Prenuptial Agreements in Northern Virginia
If you and your future spouse are considering a premarital and prenuptial agreement there are a few things you should always keep in mind.
- Always remember that the purpose of this agreement is to make the process of a potential divorce easier and do not get wrapped up in the nuances of the relationship.
- Specify the items that are yours now and which you would like to be protected throughout the marriage.
- Decide how marital assets will be split in the event of a divorce.
- Do not worry about custody and visitation decisions as a prenup will not likely carry much weight in regards to those choices.
- Know your base standards and be prepared to walk away if those are not met.
We have experience with prenuptial and premarital agreements in Fairfax County, Loudoun County, Arlington County, City of Alexandria and Prince William County from our office in Fairfax, VA.
For more guidance on the prenuptial agreement, process fill out our contact form or call us today at (703) 520-9533 to learn how we can help you navigate how this could help you in the future.