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How does a prenup work in Virginia?

On Behalf of | Apr 28, 2022 | Family Law

If you are getting married, there is a good chance that you will be discussing the idea of a prenuptial agreement with your partner. A prenup can be a valuable tool for protecting your assets in the event of a divorce. However, it is important to understand what a prenup can and cannot do.

What is a prenuptial agreement?

A prenuptial agreement, also known as a premarital agreement or simply a “prenup,” is a legal contract entered into by two people before they get married. The purpose of the agreement is to define each person’s financial rights and responsibilities in the event of a divorce.

What are the benefits of a prenup?

There are several potential benefits to having a prenuptial agreement. First, it can provide clarity and peace of mind for both spouses regarding their finances. For instance, if one spouse owns a business or has significant assets, a prenup can help ensure that those assets are protected in the event of a divorce; you can use it to ensure that your spouse does not have any claim to it in the event of a divorce. Additionally, a prenup can help avoid costly and time-consuming litigation in the event of a divorce.

Finally, any family law attorney will tell you that a prenup can also protect your inheritance rights. If you are expecting to inherit property from your family, a prenup can ensure that your spouse does not have any claim to it.

What can it not do?

It is important to understand that a prenuptial agreement cannot address all potential issues in the event of a divorce. For instance, it cannot determine child custody or visitation arrangements. Additionally, a prenup cannot include personal preferences, such as who should take out the trash. Finally, a prenup cannot be used to commit criminal acts, such as hiding assets from your spouse.

If you’ve not created a prenuptial agreement, it may not be too late to create one. Speak to your partner about the possibility of creating one to protect your interests.