A prenuptial agreement helps to protect a spouse's personal assets if that spouse chooses to end his or her marriage. However, not all couples in Virginia are in favor of executing a prenuptial agreement. This post will discuss ways to protect personal property without a prenuptial agreement.
Prenuptial agreements are becoming more and more common between couples. A prenuptial agreement formalizes the understanding between the soon to be married couple regarding which of their assets will be declared marital property. Prenuptial agreements are usually drawn up to prevent the party with more assets from having to part with more of it if the marriage does not work.
Residents of Alexandria City, Virginia may know prenuptial agreements are a popular choice for protecting personal assets. Many people prefer to have prenuptial agreements in place before marriage, especially if high assets are involved and if a divorce could impact third parties and business associates.
Readers from Virginia may have read recent reports relating to American businessman and reality television star Apollo Nida, who admitted to making errors as he entered into his marriage while advising Todd Tucker on prenuptial agreements.
The decision to get married is not an easy one and it usually takes many years to find someone to spend a lifetime with. However, once the decision to get married is made, a couple should openly discuss any issue that may potentially lead to arguments during later stages of their life.
In a recent hearing, a Virginia court has overturned state law and lifted the ban on gay marriages, creating a major legal victory for the LGBT community. The court further ruled that the state must respect same-sex marriages being carried out legally in other states. If this ruling survives Virginia Supreme Court review, same-sex couples in the state will finally be on the same footing as their heterosexual counterparts.