Insurance comes in many forms and is a great way to protect against losses. The majority of Virginia residents have insurance for their homes and automobiles to protect against unforeseen and unpredictable events. There’s also life insurance and even insurance for pets. Interestingly, marriages also have a form of insurance, better known as prenuptial agreements. Prenups are great ways individuals can protect themselves and their finances later in life.
The perception of prenuptial agreements is that they are only needed for wealthy people, but this is far from the truth. Even if a person is not wealthy at the time of the marriage, he or she could become wealthy later in life. A prenup can protect what an individual has accumulated before and after the marriage. There are a few important steps couples need to take if they decide to get a prenuptial agreement.
The most helpful of these is to spend time talking about financial goals and desires. Both parties need to be open and honest about current financial accounts and credit card balances while also detailing how money is spent on a day-to-day basis. Just like marriages, prenuptial agreements should never be rushed. Take at least six months minimum to draw up and sign the agreement.
A prenup is about planning ahead for the future and the changes that life brings. When planning and drawing up prenuptial agreements, it is recommended to seek professional assistance. Each individual needs his or her own private attorney. An experienced family law attorney can help those in Virginia determine whether a prenuptial agreement is right for their specific situation.