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Exploring the need for prenuptial agreements for younger couples

While many older couples in Virginia who have more substantial assets are more apt to get a prenuptial agreement, younger couples often believe that prenups are unromantic and can show a lack of trust or commitment. However, young couples should seriously consider one for a variety of reasons.

Discussions that lead up to the creation of a prenuptial agreement force the young couple to share their plans for their finances and other important considerations. Some of the topics that are addressed include whether or not there will be separate bank accounts, whether a spouse will be required to get the others' permission before making a large withdrawal or payment and questions of what happens to those joint funds after a divorce.

Some of the more important pieces of property for young couples that should be addressed in a prenuptial agreement include the couple's home and any expected inheritance from a spouse's family. Often, the family requests that the spouse have the agreement drafted in order to keep that inheritance in the family. When one spouse already owns a home or apartment prior to the marriage, a prenuptial agreement can be useful in determining beforehand whether that piece of property will become part of the couple's marital property. This can be very useful should the marriage break up at some point.

An attorney may be helpful in explaining the various issues that can be dealt with through a prenuptial agreement, including property division and spousal support. The attorney may then be able to draft the agreement on behalf of one party.

Source: The Huffington Post, "Prenuptial Agreements: The Ultimate Symbol of Love?", Justine Borer, August 22, 2014

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