What is a Prenuptial Agreement?
I don't want to plan for divorce. Why do I need a Prenuptial Agreement?
Can we make a Prenuptial Agreement after marriage?
What do I need to do in preparation of a Prenuptial Agreement?
What does a Prenuptial Agreement include?
How many lawyers are involved?
Does signing a prenuptial agreement mean I don't trust the person I plan to marry?
When should I sign a Prenuptial Agreement?
I have a Revocable Living Trust already. Do I still need a Prenuptial Agreement?
Why are these legal documents so long and complicated?
Is a Prenuptial Agreement for me?
Q: What is a Prenuptial Agreement?
A Prenuptial Agreement is a legal document in which you and the person you plan to marry describe how you will take care of each other and your families after your marriage. You determine how you will treat property you own before marriage and how future assets will be held. You also make promises about how you will provide for each other and your children (or other heirs) in life and after death.
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Q: I don't want to plan for divorce. Why do I need a Prenuptial Agreement?
Setting ground rules in the event of a failed marriage is a function of a Prenuptial Agreement. That is not, however, the primary function of a Prenuptial Agreement. A Prenuptial Agreement also explains how you will provide for your new spouse as well as your children upon your passing.
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Q: Can we make a Prenuptial Agreement after marriage?
Yes. Everything that can be done in a Prenuptial Agreement can also be included in a Post-nuptial Agreement (or Marital Agreement). However, it is our experience that, after the marriage has occurred, very few couples actually follow through with a post-nuptial agreement.
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Q: What do I need to do in preparation of a Prenuptial Agreement?
All you need to do in advance is to consider how you want to care for your loved ones in life and after death. As with all things in a marriage, you need to communicate freely with the person you plan to marry and keep an open mind.
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Q: What does a Prenuptial Agreement include?
A Prenuptial Agreement includes a list of family members, a statement of how existing and future assets will be treated, provisions for what happens to the property at the death or divorce of either party and a full and fair list of assets.
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Q: How many lawyers are involved?
It is best if both parties have their own lawyer. Usually Johnson, Gasink & Baxter, LLP will represent one party and prepare the documents. The person you plan to marry will then review the drafts with his/her own counsel so that everyone has someone looking out for their interests and can give a fair explanation of the document.
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Q: Does signing a prenuptial agreement mean I don't trust the person I plan to marry?
No. Getting married is as strong a leap of faith as one can make. Signing a Prenuptial Agreement merely means that you and the person you plan to marry want to make sure your families and your new spouse will have nothing to fight about when you are gone.
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Q: When should I sign a Prenuptial Agreement?
Ideally a Prenuptial Agreement should be signed at least a month prior to the marriage.
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Q: I have a Revocable Living Trust already. Do I still need a Prenuptial Agreement?
Although Revocable Trusts are important documents, they are still subject to ironclad state laws such as the 'Augmented Estate,' which can override your Will or Trust. Only a Prenuptial Agreement can waive these laws so that you are free to dispose of your assets as you agree. Otherwise, the state can override your Estate Plan.
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Q: Why are these legal documents so long and complicated?
Virginia Law contains a forest of well-intentioned default laws that simply do not make sense for many modern families. To specifically 'opt-out' of these rules and comply with all the required formalities requires a fair amount of legal precision and, unfortunately, a fair amount of paper.
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Q: Is a Prenuptial Agreement for me?
If you are approaching a marriage with substantial assets of your own or if you have children from a prior relationship, you need to sign a Prenuptial Agreement. By planning now, you make sure your wishes are clearly explained to the person you plan to marry and your family. Your failure to plan now may cause an irreparable rift in your family after your death.
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