No couple in Virginia marries with the intent of separating. However, as the years go by, spouses may grow apart, and divorce sometimes becomes inevitable. For spouses in high-asset marriages, a divorce can be incredibly complex. However, a postnuptial agreement is one way spouses can protect themselves should a divorce happen. But what is a postnuptial agreement and how does it differ from a prenuptial agreement?
Postnuptial agreements differ from prenups
A postnuptial agreement is a contract signed by two spouses that outlines how marital assets and/or property will be divided in the event of a separation. Postnuptial agreements are typically only about financial assets, but they can contain basically anything from sharing chores to how often in-laws are allowed to visit. Despite the different names, postnuptial agreements and prenuptial agreements are essentially the same things. The main and obvious difference is that a prenuptial agreement is signed before a couple marries, whereas a postnuptial agreement is signed after the couple has married.
Benefits of postnups
Postnuptial agreements are especially beneficial for those in high-net-worth marriages. A postnup can protect assets or income one spouse receives during the marriage, including an inheritance. For many spouses, signing and negotiating this type of agreement is just easier after marriage, as opposed to discussing finances and property division before the couple is officially married.
In their most basic form, postnuptial agreements are protection. Spouses who decide to divorce and have previously signed a postnuptial agreement can avoid lengthy and costly litigation. Virginia residents who have questions about divorce or want more information about postnuptial agreements can confer with a seasoned legal representative. A knowledgeable family law attorney can answer questions and help a client protect property and assets.