When caught up in a whirlwind romance, a Virginia resident may forget about protecting their financial assets. A prenuptial agreement can help protect those assets should the marriage end. For those who did not take advantage of this agreement, a postnuptial agreement can help provide similar protections.
The Virginia State Bar states the legal considerations of marriage as more than a simple name change. Couples cannot expect that all of their debts, liabilities and assets combine. Whether a prenuptial or postnuptial agreement, a couple can use the document to outline property rights, support levels and each spouse’s obligations and duties.
These documents can aid the couple should they decide to divorce at a later date. The document can help those on their second or third marriages outline protections from children of prior marriages. For older spouses, this type of agreement can assist with estate planning and unnecessary legal entanglements for those seeking only companionship.
Fatherly.com recommends postnuptial agreements because they help couples plan for divorce while still working together toward a common goal. Without knowing what the future has in store, the agreement can help couples build in a plan should things not work out. This is particularly beneficial when there are children.
These agreements can help the couple outline care agreements, the handling of finances and establish obligations of the couple. Couples can create a postnuptial agreement should one party inherit a large sum of money or win the lottery.
Should the couple head for divorce, the agreement can help with the division of assets and liabilities. It also helps establish how to handle any children from the marriage.