Making the decision to marry is a life-altering choice, and it will have a significant effect on the finances of both spouses. This is why it is prudent for Virginia couples of all ages to consider the benefits of a prenuptial agreement, even if they are not rich. This contract can provide legal and financial protection in the event of a divorce in the future. Planning ahead can save time and money.
In many ways, a marriage is like a business relationship. Estimates suggest around 40 to 50% of marriages end in divorce, and it can be prudent to plan for this contingency. A prenup can outline how a couple will divide marital property if the marriage ends, and it can also address other financial matters, such as spousal support and the division of marital debt.
No one gets married with the intention of getting a divorce in the future, but a prenup can provide clear boundaries and an exit plan. Both of these can give all parties peace of mind when entering a marriage. Negotiating a prenup gives a couple the opportunity to discuss important money matters, something that may prevent fights and misunderstandings over finances after the wedding.
Planning for the future
Prenuptial agreements are legally binding contracts, and it’s important to carefully consider terms before signing. A Virginia couple may find it beneficial to work with an attorney when creating this type of agreement. Having a prenup is a form of protection that may provide both parties with a sense of security and confidence going into their married lives together.