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Postnuptial agreement can be essential in high-asset divorce

| Jun 1, 2020 | Divorce |

It probably sounded like a good idea at the time. Over the course of a marriage, a Virginia couple is likely to make several decisions that can have a significant financial impact. If one or more of these decisions may have a negative impact on one of the individuals if a divorce were to occur, a postnuptial agreement may be appropriate.

Establishing or purchasing a business can be quite lucrative for the family; it can also place a financial burden on the family. In some situations, either the husband or wife may not want to be held responsible for such a burden. A postnuptial agreement can be used to set boundaries regarding income and debt from such a venture as they relate to the marriage and any possible divorce.

There are also times when a couple may decide that one of the individuals needs to leave the workforce to take care of family matters. This often occurs when there are small children or aging parents that require attention. While this may be the right thing to do at the time, it can prove to have a negative impact upon the individual later on if he or she decides to reenter the workforce. Again, a postnuptial agreement can prove to be a useful tool.

Throughout their marriage, a Virginia couple will make numerous financial decisions. While most of these decisions will be fairly insignificant, there may be some that can prove to be financially devastating to one of the individuals if the couple later decides to divorce. Experienced legal counsel can assist the individual in determining if a postnuptial agreement is in his or her best interest.