Coates & Davenport, P.C.

February 2018 Archives

Can one keep separate property from becoming marital property?

Some couples in Richmond who have significant wealth going into a marriage will execute a prenuptial agreement to protect their separate financial interests in the event of a divorce. However, some high-asset couples may have thought a prenup was unromantic or unnecessary, and did not execute one before walking down the aisle. While everyone thinks their marriage will last "until death do us part," the fact of the matter is that many marriages will end well before that. Even in the absence of a prenup, there are steps couples can take to protect their financial interests should they divorce.

Purchasing an existing business versus a franchise in Virginia

Not all people in Virginia who want to own a business necessarily want to start one from the ground up. For some, it makes more sense to purchase an existing business or open a franchise. It is important for these potential business owners to understand more about these options, so they can make informed decisions.

An estate plan can protect the interests of business owners

Whether a person in Richmond is the third generation to inherit the family business, or whether they started their small business from the ground up, business ownership is a difficult but worthwhile endeavor. Business owners will naturally want to see their business grow and thrive, even after their death. Therefore, estate planning is important for those who own a small business.

What should one consider when it comes to divorce and retirement?

A marriage can last a long time, but even couples in Virginia who have been married for decades can one day decide to divorce. But, older couples will have to keep retirement in mind when it comes to property division. This is especially true in a high asset divorce.

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