These days, nearly half of all marriages in the United States end in divorce. If an event had a 50% chance to occur, wouldn’t it be smart to prepare for the event just in case? This is exactly what prenuptial agreements do. Here are a few reasons why Virginia couples planning to marry may want to consider a prenuptial agreement.
It’s no secret that there are stigmas surrounding prenuptial agreements, but think of them as insurance or contracts between two loving parties. Prenuptial agreements can be used protect one spouse’s assets, and they can also be used to set financial expectations and boundaries. Prenups can also address debt.
For example, if one spouse enters the marriage with significant student loan debt, a prenuptial agreement could be used to detail out how the debt would be paid during the marriage as well as whether or not the debt would be a marital liability if a divorce happens. These agreements can also be used to protect precious family heirlooms. With a prenuptial agreement, spouses can avoid having to spend thousands in legal and professional fees in the event of divorce.
Marriage is one of the most important financial decisions a person can make. As with any significant financial decision, it requires careful planning. Having honest conversations early on will help future spouses obtain financial clarity as well as what assets each party is bringing into the marriage. Those in Virginia who have questions about prenuptial agreements should consider seeking professional assistance. An experienced and knowledgeable attorney can provide much-needed guidance and can assist in securing future wishes.