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Advantages of a prenuptial agreement

On Behalf of | Jan 26, 2016 | Divorce

The American Academy of Matrimonial Lawyers says that according to a 2013 survey it conducted, more than 60 percent of the attorneys who responded reported an increase in prenuptial agreements. Virginia couples may be among the many millennials who are in part driving the trend. Attorneys say this is the case even when both people are entering the marriage with few assets. They may want to protect themselves from becoming mired in a spouse’s debts or in losing future earnings.

Some experts say the discussion about finances that accompanies a prenuptial agreement can be healthy, and even if couples decide against a prenup, they will have a better sense of one another’s financial situation and priorities. A couple may also want a prenup going into a second marriage in order to protect children from the first marriage. Couples can also make specific provisions in a prenup such as changing the terms of how assets are distributed based on how long the marriage lasts.

Couples should keep in mind that it is important to design a prenuptial agreement that is likely to be upheld by a court. This means that both parties should have ample time to think about the agreement and discuss it with their respective attorneys. There are certain provisions that are against public policy, such as child custody, that will not be upheld, however.

People who are considering divorce may want to discuss their plans with an attorney before they talk to their spouse about it, whether or not they have a prenup. An attorney may be able to advise regarding the strength of the prenup if the person is interested in challenging it or is concerned about a challenge from the other spouse. The person may also want to discuss elements that are not included in the agreement, such as child support and visitation.