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death of both spouses. It can eliminate a lot of fighting between the stepchildren over the estate.”
Another instance which could indicate the need for a prenuptial agreement is when older, wealthier persons marry.
“Normally, as we grow older, we acquire more wealth, whether money or property,” Hobert says. “In this case, an individual, especially one with a much younger spouse, might want to clearly delineate individual property.”
The “young heiress” case, though a hit unusual, may also call for a premarital agreement. In this instance, when one of the partners expects to receive a large inheritance or distributions from a a trust fund, the contract might specify the monies or property received as individual, not joint, assets.
In order to better understand the value of prenuptial agreements, Hohert explains an aspect of Virginia divorce laws.
Most assets acquired during a marriage are considered joint. Upon divorce, joint assets are not, as in some other states, divided equally.
The court evaluates where the assets should go on the basis of the needs of the parties, the presence of children, the lifestyle acquired during the marriage and where the fault, if any, lies in the divorce. Percentages are then awarded, based on these factors.
Although inheritance assets are not considered joint property when obtained, should the heir place any part of the inheritance in a joint account with the spouse, or use the money toward the improvement or purchase of jointly-held property, that portion of the inheritance becomes joint property.
Upon divorce, that percentage would be divided accordingly.
There are no standard rules for drafting premarital agreements. They are as varied as the couples whose lifestyles compel them to seek counsel.
In addition to property distribution clauses, contracts can also spell out provisions for the postponement of individual careers, freeing one spouse for child rearing.
Often, in this case, an annual monetary value is placed on the caregiver's time, to be considered in the case of divorce.
Agreements can also be constructed to allow couples to alternate work and schooling, enabling both to complete their
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