As an engaged couple begins to make plans for their future together, they may consider their wedding plans, honeymoon destinations and where they will live. They are likely not giving much thought to what will happen if they divorce at some point, but it may be prudent to do so. No Virginia couple gets married planning for the marriage to end, but it may be prudent to consider the benefits of a prenuptial agreement.
Times when a prenup is important
There are specific situations in which a prenuptial agreement is especially important. This contract allows both parties to protect separate assets, decide how property division will work in the event of a divorce and outline financial responsibilities. It may be useful have this type of protection if the following apply:
- One or both spouses have children from a previous marriage
- One or both spouses have significant wealth, valuable assets or own a business
- One or both spouses want financial protection in case of a contingency
Each individual entering a marriage has the right to protect his or her future financial interests. Taking this step is not assuming the marriage will fail, but it is simply taking precautions that will give each party peace of mind.
Having the conversation
It can seem daunting to approach the subject of a prenuptial agreement. While it can be an awkward topic of conversation, it can lead to important discussions about money and assets that can help couples avoid disputes over time. If considering this step, it will be useful to discuss the matter with an experienced Virginia family law attorney.