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When is it beneficial to draft a prenuptial agreement?

On Behalf of | Nov 30, 2019 | Firm News |

After your engagement, you are probably excited to plan your wedding and start thinking about your new life with your spouse. During this time of excitement about the future, you may not be thinking about what will happen if the marriage ends at some point in the future. This may not seem romantic or necessary during this time, but it is actually smart to plan for this contingency.

One of the ways you can plan for this possibility is by drafting a prenuptial agreement. This is a legal contract that will outline how two spouses will divide marital property in the event of a divorce. You may assume that a prenup is something reserved only for the rich and famous, but in reality, there are benefits to these agreements for people of all income levels.

Why you may want a prenup

A prenuptial agreement is not an assumption that the marriage will end at some point in the future. It is simply a way to protect your own interests and make things easier for both parties in case of a divorce. Some of the benefits of this type of agreement include:

  • It can allow you to protect a small business or closely held business assets you had before the marriage.
  • It can eliminate the need to fight over marital assets and money in case the marriage ends.
  • It allows a spouse to protect the financial interests and inheritance rights of children from a previous marriage.
  • This agreement allows the two spouses to outline the financial responsibilities of each spouse over the course of the marriage.

These are only a few of the reasons why you may want to consider the benefits of a prenup. When you have an enforceable legal contract in place, it will allow you to look to the future with confidence.

Your future financial interests

When you are planning to marry, you don’t want to think about divorce. However, it’s always smart to take steps to protect your financial interests. If you think a prenuptial agreement could be smart for your situation, it can help to discuss your concerns with an experienced Virginia family law attorney.

An assessment of your case can help you understand what you may need to include in your prenuptial agreement. Since this is a type of legal contract, you will want to take steps to ensure that your agreement is enforceable and thoughtfully drafted before each party signs it.