Married couples in Virginia can decide to have a postnuptial agreement drawn up. There are various reasons why you might consider having one.
What is a postnuptial agreement?
A postnuptial agreement is like a prenuptial agreement, but unlike a prenup, it’s created and signed after a couple is already married instead of before the marriage. It’s a legal document that determines how your property and assets are divided in the event of a divorce. Postnuptial agreements also often state expectations within the marriage.
What are the signs that you need a postnuptial agreement?
You might want to consider a postnuptial agreement if you have children from a previous marriage or relationship and want to protect them. Sometimes, in situations of a second marriage or when a spouse has children from a prior relationship, the other spouse might try to leave those kids out of the loop when it comes to an inheritance. A postnuptial agreement can prevent that from happening.
If you and/or your spouse are wealthy, a postnuptial agreement is wise. It can help to preserve assets from before the marriage and prevent a spouse from getting their hands on that money if a divorce takes place.
A postnuptial agreement is a must for business owners. The document can help you to retain all the assets and income you’ve earned from your business throughout the course of your marriage if things go south and you and your spouse divorce. If you don’t have a postnuptial agreement’s protection, your spouse might be able to gain a portion of your business assets.
Postnuptial agreements can help you dictate a plan for divorce if it happens. It can discuss what happens with assets, property division, custody, child support and visitation.
Many people don’t want to rock the boat when they get married. As a result, they might forgo requesting a prenuptial agreement. A postnuptial agreement might be the better option after the marriage has already taken place.