Whether it is a carefully planned event that is shared with thousands of people or a private proposal, everyone’s hearts are touched by the magic of the moment. While there is so much excitement that surrounds an engagement, there is also a deeply pragmatic side to it. Newly engaged couples in Virginia should know about the benefits that come from prenuptial agreements.
Discussing finances early in an engagement can set expectations for what each individual is hoping to get out of their financial partnership when they are married. If each individual knows how the other views money and has talked about the way they want to use it, they can avoid a lot frustration later on. Prenuptial agreements can help the couple to avoid many arguments if they decide to end their marriage at a later time. They can also avoid the expense of having a court decide how their assets will be distributed.
A prenuptial agreement will be tailored to the individual. It will include assets that specifically apply to them, like family trusts, inheritances and gifts that they will receive in the future. It could include confidentiality of finances, which would prevent a spouse from sharing private information with others.
If a person owns a business and is about to get married, a prenuptial agreement can protect their business and business partners. The prenuptial agreement should include the value of the business before the marriage, how a spouse would share in losses or profits of the company, and if the spouse would be entitled to a percentage of the business in case of a divorce.
An attorney might help an individual draw up a prenuptial agreement that takes into consideration their specific circumstances and may protect them in case of a future divorce. The lawyer might also provide information about how a move to a different state would affect the agreement.