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Financial planning during marriage can help ease divorce burdens

On Behalf of | Oct 9, 2019 | High Asset Divorce

Weddings are often joyous occasions where individuals come together with their families to celebrate their love for new partners. Weddings are also major undertakings that require a lot of advanced planning, careful consideration, and work. When planning weddings and preparing for their futures with their partners, Virginia residents can also take on another important planning responsibility that may save them time and stress down the road: planning for their divorces.

There is nothing less romantic than anticipating one’s divorce while preparing to wed, but statistics suggest that around half of all American marriages do end up terminating in divorce proceedings. Without some idea of how money, property, and other assets may be divided, couples can find themselves fighting over their wealth while working to end their relationships. Certain pre-marriage actions can help individuals prepare for divorce without completely destroying the joy of their wedding day.

For example, couples can and should consider executing premarital agreements. These agreements let couples decide how their money and property will be divided up in the event that their marriages end. Premarital agreements are not only for the super wealthy but can be of value to individuals who may have to pursue high asset divorces later on.

Additionally, couples can take the time to document what property is separate and what is marital. These distinctions become important during divorces and planning can help take some of the stress out of this when divorce proceedings are filed. This post is not a full discussion of how individuals can prepare for divorce but an introduction to the topic. Readers should find their own legal advice and attorneys to answer their specific divorce questions.