Most people do not go into a marriage planning to get divorced. However, it makes sense to prepare for the possibility. A prenuptial agreement gives couples an opportunity to address how they would like to divide their assets if they ever get divorced.
What are the benefits of a prenup?
A prenup offers security and stability to both parties if the marriage comes to an end. A prenup can specify which assets are marital assets (assets subject to property division in the divorce), allow you to protect the assets that mean the most to you, and keep you from being held liable for your spouse’s debts.
A prenup also allows you to protect any children you have from a previous relationship or a business you may have started on your own.
Without a prenup, both parties will have to resolve their property division issues in court or through mediation. These methods, while effective, can often be time-consuming and costly.
Also, keep in mind that a prenup is created when the couple is engaged to be married — a time when both parties are typically on good terms and want to work out a fair deal. If you wait until the marriage is over to make these determinations, you may no longer be getting along with your spouse, and he or she may be less willing to work out a reasonable agreement.
Prenups are not just for the wealthy. Anyone can benefit from the protections of a prenuptial agreement. If you and your soon-to-be spouse are interested in signing a prenup, you should consult with a Virginia attorney specializing in family law.