Prenuptial agreements, also called premarital agreements, are contracts laid out prior to your wedding that determine the distribution of assets and property should your marriage dissolve. While you may not enter marriage expecting to divorce, having a prenuptial agreement can provide many benefits. At Malinowski Hubbard, PLLC, our Fairfax divorce lawyers can help you understand your options and draft a prenuptial agreement.
What Are Some Pros and Cons of Prenuptial Agreements?
Prenuptial agreements provide many financial benefits. They allow you to protect your separate property, assets, and liabilities in the case of divorce. This also lets you avoid assuming the debts and liabilities of your spouse. Prenuptial agreements can cover business interests, spousal support, and any other financial matters that both parties agree on.
Prenuptial agreements provide many personal benefits. Along with financial details, prenuptial agreements can cover personal matters determined by you and your spouse. These include child custody arrangements, visitation rights, and child support agreements, as well as other issues. You can also protect your children’s inheritance and determine decision-making responsibilities of both parents in the case of divorce. By having a written, legal contract outlining these personal and financial decisions, you can protect yourself and your children if the marriage dissolves.
Prenuptial agreements have financial drawbacks. Depending on what you and your spouse decide, your prenuptial agreement may limit your ability to inherit your spouse’s estate. The agreement may also limit your ability to claim a share of your spouse’s business value or growth. If you aren’t careful about what you agree to, your financial inheritance, rights, and opportunities may be decreased.
Prenuptial agreements have personal drawbacks. Drafting prenuptial agreements can heighten tension and create a lack of trust between couples. While these agreements have practical benefits, they are unromantic and can lead to insecurity about the stability of the marriage. If you are considering writing a prenuptial agreement, you should discuss it with your spouse and be considerate of his or her feelings.
Contact Our Fairfax Divorce Attorneys Today at (703) 935-4222
Malinowski Hubbard, PLLC provides legal guidance to clients in Virginia. If you are wondering whether or not you should get a prenuptial agreement, or you need help drafting one, our experienced divorce lawyers can help. We can discuss your situation and help you seek a beneficial solution.
Contact our firm today to schedule an initial consultation.