Prenup can help when distributing assets during a divorce

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Two people who are about to say their vows in Virginia may be skeptical about signing a prenup, fearing that it is only setting them up for a subsequent divorce before they've even married. In reality, a prenup isn't just about dictating how distributing assets will be handled in the event of divorce. Prenuptial agreements are also about developing open communication with a future spouse.

Prenups traditionally have been promoted as being necessary for wealthy people. However, no matter how much money or property two people have going into a marriage these days, it is wise to discuss how to approach finances and make plans early on. This is especially true today, when many young adults are leaving college with tens and thousands of dollars in debt.

Along with student loan debt, some individuals bring credit card debt and even child support obligations into a marriage. Prior to the marriage is the best time to talk about finances. The couple may benefit from segregating their debt obligations as well as discussing whose earnings should be allotted for paying them. The pair might also wish to discuss whether this will impact how much each person will be contributing to regular household expenses.

Prenuptial agreements can address debts as well as with assets brought into a marriage, in addition to property that the parties acquire together. If a couple has executed a prenup, they are more likely to get through a divorce involving distributing assets with minimal dissension and thus may avoid court intrusion. Even if they do not have a prenup, they can still try to reach a mutually agreeable divorce settlement at the negotiation table in Virginia.

Source: businessinsider.com, "Here's Why Every Couple Should Get A Prenup Before Marriage", Libby Kane, Aug. 5, 2014

Source: businessinsider.com, "Here's Why Every Couple Should Get A Prenup Before Marriage", Libby Kane, Aug. 5, 2014

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Christian Curtis, LLC ALEXANDRIA VA
Christian Curtis, LLC ALEXANDRIA VA
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