Understanding Prenup Agreements

Maybe you have heard of a prenup agreement before, but in much of the world, this term has some buzz associated with it from popular culture. Whereas many of us first heard about prenups via desensationalized dramas with long-term relationships that have clearly gone wrong.

Prenup agreements can actually be a vital and useful tool for families, and especially those who have children that are considered special needs or have some other disability that they may need age-appropriate assistance as they grow older. The fact is that, unfortunately, we do live in a world where caretaking can be very expensive, and having a trusted loved one to care for you can bring a sense of security and ease.

When a couple wants to work out a prenup agreement, they may have a very specific purpose in mind for this legal document. Often, many couples think about how to divide financial assets or other aspects in case they break up or get divorced.

Especially for the family that has a special needs child or there are aging family members that will need assistance, the prenup agreement can be used to discuss how to make future arrangements for the children or family members. For example, people can plan out specifics in detail for what a trusted relative, perhaps a free-thinking cousin, is responsible for.

The original family can go as far as to say that they want their first cousin to inherit the house, and the house should be converted to an income property, with proceeds going into their special needs trust fund, which will benefit their special needs child.

This is one of many potential uses of a specific legal agreement, and how it can help to preserve an otherwise broken up family and creating a sustainable plan for the future.

It’s important to note that there are lots of avenues for financial planning in the family, – as well as being prepared legally – for angles that impact your money and your property. But regardless of how you want to approach the issue of protecting an estate or making plans for a child with a disability, the thing to understand is how all of these efforts fit together.

Take the prenup, for instance: if a couple sits down and drafts one, it’s a good idea to then have a standard estate plan for a married couple that covers all of the important elements of property and assets, and one that aims to protect as much as possible for, say, a special needs child or their grandchild.

Alternatively, a couple who already has children or a family in place, and plans to adopt, would want to have their estate planning covered as well. Parents are encouraged to leave behind their estate plan in place to help their children manage property and finances. If your child has a disability, it’s especially important to make sure they are protected.

The good news is that lawyers have diversified in recent years – starting to communicate and to network more openly with their clients, as well as other planners and the like. That means couples or families can go through a sort of family continuity planning process, that encompasses a broad swath of protections and legal agreements that help to account for almost any eventuality.

That’s why a resource like this one about comprehensive prenup agreements in Virginia can be a valuable educational tool for many families. It helps to provide a solid overview of this particular legal instrument, and can provide lots of valuable examples that tell you how to navigate the world of legal agreements for your family.

These and other resources help to define the impact of legal literacy on a family as a whole, and protect and educate members of ownership – like property, or children who may have a disability in the future. Just knowing what your legal options are is half the battle when you face a difficult situation!