While most people do not enter a marriage assuming that it will end at some point in the future, it may be beneficial to plan for this contingency. Through a prenuptial agreement, it is possible to outline how the division of property will work in the event of a divorce. Most people draft these agreements before marriage, but there are times when a Virginia couple can create one after they walk down the aisle.
Not just for the rich and famous
If a couple chooses not to create a prenuptial agreement before they marry, there are still options available. They may choose to draft a postnuptial agreement, which can provide the same protections as a prenup. There are many reasons why a couple may choose to draft this type of agreement after they marry. One of the primary ones is changed financial circumstances.
A couple may be more likely to want a postnuptial agreement if one party receives an inheritance or starts a business. While it can provide protection, it can be difficult to have a conversation regarding the creation of a marital contract. As with a prenup, it is critical to obtain experienced legal guidance when creating a postnup.
A positive look at the future
Creating a prenup or drafting a postnup is not planning for a marriage to fail. It is a positive way to plan for future contingencies while minimizing risks. If a Virginia couple wants to learn how this type of contract could provide benefits for them, it may be helpful to first speak with an experienced attorney.