What are the advantages of signing a prenuptial agreement?

On behalf of Jeff Vogelman of Jeffrey A. Vogelman and Associates posted in Prenuptial Agreements on Thursday, July 16, 2015.

Many Virginia couples are considering a prenuptial agreement before marriage because they realize the value in having a contingency plan in place in case of divorce. Even though having a prenuptial agreement may seem like an unromantic action or even a jinx to marital happiness before vows are spoken, signing a prenuptial agreement is a practical action which can save bitterness later on.

Prenuptial agreements are also preferred by many older couples who have amassed substantial wealth prior to marriage or remarriage. Prenuptial agreements can also help younger couples who have been married previously and those who have children from previous relationships. Prenuptial agreements can, in these circumstances, help spouses protect their current wealth and assets that will be passed to their children in the future. Many people considering a prenuptial agreement often do so in order to protect inheritance or ancestral property from passing out of the family in the event of a divorce.

One of the most common reasons for hiring an attorney to draft a prenuptial agreement is a large disparity between the engaged couple. If a spouse earns substantially more, a prenuptial agreement often can help protect assets and wealth amassed before marriage. Conversely, if a spouse has a large amount of premarital debt, a prenuptial agreement will protect the other spouse from being responsible for the burden of that debt in case of a divorce.

Another major reason for considering drafting a prenuptial agreement is its determination of spousal support or alimony. In some cases, one spouse might have left a thriving career in order to care for the home and children. Prenuptial agreements can, in these cases, help stay-at-home spouses receive fair compensation in cases of divorce. Juxtaposed, prenuptial agreements can also help in determining the amount of alimony to be paid in order to protect the higher earning spouse.

Source: FindLaw.com, "Pros and cons: premarital agreements ("Prenuptials")," Accessed on July 6, 2015