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The Benefits Of Entering Into A Prenuptial Agreement

Prenuptial agreements tend to make people cringe; you usually only hear about them when they are unfairly written to benefit only one of the parties. However, not all prenuptial agreements are a grand injustice. The purpose of the prenuptial agreement is not to anticipate a divorce, but to state the ownership of premaritally acquired assets.

Here are some points of view as to why you should consider a prenuptial agreement:

They allow you to focus on your marriage.

By entering into a prenuptial agreement, you may receive reassurance of your partner’s intentions, and you are able to focus on your marriage instead of worrying about losing the assets you brought into the marriage. With that burden removed from the situation, some marriages are better positioned to succeed.

They open the door to hard or uncomfortable conversations that need to be had.

Finances tend to be one of the top causes of disagreements in a marriage. As such, in some circumstances, prenuptial agreements may even prevent disagreements in a marriage, as the parties to the marriage have had a potentially difficult conversation early in their relationship, bringing both of them onto the same page. Discussing the terms of your prenuptial agreement is a good place to begin detailing how the financial aspects of the marriage will look and be handled. For example:

Advanced Medical Directive

Finances tend to be one of the top causes of disagreements in a marriage. As such, in some circumstances, prenuptial agreements may even prevent disagreements in a marriage, as the parties to the marriage have had a potentially difficult conversation early in their relationship, bringing both of them onto the same page.

Discussing the terms of your prenuptial agreement is a good place to begin detailing how the financial aspects of the marriage will look and be handled. For example:

Will both spouses work?
If one spouse works fewer hours, will their responsibilities in the marriage be different than the spouse who is working longer hours?
Who will be responsible for what expenses in the marriage?
How will joint and separate expenses be handled?
How will premarital retirement accounts be utilized?
If one or both partners already own real property, where will they live after the marriage?
What will the disposition of those real properties be post-marriage?

Trust

A Trust is recommended when you want to “control your estate past the grave”; to care for a minor child; to assist with the care and maintenance of a disabled or incapacitated adult or a companion animal; by giving you the means to manage their assets and appoint a Trustee to oversee their assets on your behalf.

If you have minor children, a Trust is recommended to ensure that they continue to live the lifestyle they are accustomed to by planning for the assets you bequeath them to be used properly. The Trust may even help them continue residing in the family home and arrange for its sale upon their graduation of high school to assist with their college tuition. You may set goals for capacitated children to reach before they have access to their assets. For example, you may specify that your children may receive access to one-half of their assets upon graduation from college, and one-half upon their attainment of the age of thirty.

If you have a disabled or incapacitated adult child, establishing a trust is a way to manage the assets you bequeathed to them to care for them as long as possible.
Some pet parents also choose to establish Trust for their pets. Creating a Pet Trust ensures that your pet will be cared for in the event that something happens to you; you may appoint a guardian and arrange to pay for their care. You may also specify that your pet not be surrendered to an animal shelter, and make donations toward their care in the event they are placed in a rescue to find a new home.

Whitney Pennington is ready to help you build a Trust that meets your family’s needs.

Conclusion

Preparing for unexpected worst-case scenarios is a wise step. Whitney Pennington, one of the trusted family law attorneys in Abingdon VA, is ready to guide you, offer sound advice, and prepare the legal documents you need. Contact her today at (571) 481-9977 to discuss your estate planning needs.

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