Spring and summer are seasons during which many couples decide to plan their weddings. These events are times of joy and celebration, and no Virginia couple plans their big day with the assumption the marriage will end at some point in the future. During the wedding season, however, engaged couples will benefit from also giving thought to how they will protect their future interests. This might include considering the benefits of a prenuptial agreement.
Why a prenup?
A prenuptial agreement is a marital contract that allows a couple to outline financial details in the event of a divorce. This includes the division of marital property and spousal support. They can also outline their own financial responsibilities during the marriage. This can eliminate the need for contention and disputes during a divorce, saving a couple time, money and mental duress.
In many cases, the cost of drafting a prenuptial agreement is much less than the cost of litigating divorce issues in case the marriage ends in the future. The intent of a prenup is to predetermine certain issues, but the details of each agreement are specific to the individual situation. Drafting a prenuptial agreement can encourage healthy conversations about money before a couple marries.
Drafting a practical contract
Every Virginia couple will benefit from considering a prenuptial agreement regardless of income. It will be helpful to discuss the merits of this type of contract and what details should be included with an experienced attorney who can provide insight into how to seek the best possible terms for the specific couple. When planning a wedding, it is prudent to also plan for contingencies that may arise in the future.