When a Virginia couple is planning to marry, they may not be thinking about what would happen in case they divorce in the future. Although many marriages end in divorce, few couples actually plan for that possibility. In fact, many couples do not understand how a prenuptial agreement can actually benefit them, even if they are not wealthy. A prenup is not something only for the rich and famous.
What can a prenup do?
A prenup protects the property rights of each party in the event of a divorce. It outlines the terms for financial matters, including division of marital property, spousal support and more. By deciding on these matters beforehand, it can greatly reduce the chance of fighting, including an expensive court battle over property division in case of a divorce.
A couple does not need a significant amount of wealth to benefit from a prenuptial agreement. This protection can be beneficial for anyone who has specific assets he or she wants to shield, such as a future inheritance. Creating this agreement may also lead to conversations that allow couples to address money concerns and financial responsibilities before marriage.
When is it right?
Most couples will find some benefit from creating a prenup before walking down the aisle. An evaluation of the individual case may allow one to have a better understanding of how these contracts can protect their interests in case of a contingency long-term. When drafting a prenup, it is beneficial to have the guidance of an experienced Virginia family law attorney.