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How Do Prenuptial Agreements in Virginia Work?

Here is how prenuptial agreements in Virginia work.

Honesty, openness, and trust are all important parts of a relationship, keys to a relationship’s survival. They become even more important once an engagement and marriage become real prospects. Once an engagement begins, so does wedding planning. But beyond significant questions such as how to select a venue, and who will book catering, consider a prenuptial agreement. Often colloquially called a “prenup” here is how these agreements work in Virginia.

What is a Prenuptial Agreement?

Prenuptial agreements in Virginia work in specific ways for a specific purpose. This agreement is made between prospective spouses with marriage in mind and becomes binding and effective once marriage occurs. It is essentially a contract detailing the disposition of property and other assets owned by both parties. It is meant to determine what happens if a divorce takes place later on. Issues a prenuptial agreement can cover include:

  • Rights and obligations of each spouse.
  • Allocation of properties in event of death, separation, or divorce
  • Alimony money
  • Making of wills
  • Rights to death benefits from a life insurance policy
  • Other applicable matters

Should I Talk to My Spouse about a Prenuptial Agreement?

Any couple that is planning on getting married should consider a prenuptial agreement in Virginia. If both spouses are entering the marriage with existing properties, then a prenuptial agreement is particularly important.

What are Some Advantages to Getting Prenuptial Agreements in Virginia?

A critical step to take into account in deciding whether or not to have a prenup drafted is to consider some advantages of having a prenuptial agreement.

  • Saves Money: Current and future assets and properties are divided ahead of time. This saves money from messy legal proceedings to figure it all out later on. Protection against debts is also another benefit.
  • Provides Flexibility: There are few limits to what you can put into a prenuptial agreement in Virginia.
  • Prevents Surprises: Surprises can happen during a divorce. Not so with a prenuptial agreement in place.
  • Prevents Conflicts: Dividing up properties is a massive source of conflict when a couple separates. Ownership of property is clarified at the beginning of a marriage, rather than at the end.

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This entry was posted on Friday, February 17th, 2017 at 11:08 am. Both comments and pings are currently closed.

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