There is a chance that a marriage could come to an end for any number of reasons. However, it may be possible for couples in Virginia and elsewhere to mitigate some of the financial and emotional damage a divorce could cause with a prenuptial agreement. Couples could also choose to wait until after the marriage is official to create postnuptial agreements. Although prenuptial agreements are sometimes seen as not romantic, they can be a vital part of the marriage process.
It is important to note that neither type of contract can account for what will happen to a child if a marriage doesn’t work out. However, parents are often allowed to have some say in how a parenting plan is crafted.
Postnuptial agreements are often created by couples who don’t have time to discuss their financial future before the wedding takes place. Alternatively, some choose to wait until after the wedding as to not spoil the excitement of getting married.
This type of agreement may be negotiated several years after a wedding by couples who accumulate significant assets while together. These agreements may be effective in shielding an individual from having to pay a spouse’s student loan or other separate debt during or after a divorce. This is important because separate assets and liabilities may become joint assets or liabilities after a marriage becomes official.
Couples may be able to lessen the emotional impact of a divorce by creating prenuptial agreements. These agreements are generally valid in all states and allow individuals to decide how to split a business, joint bank account or other marital assets. It can also be used to determine how to split any debt that a couple incurred. An attorney may review an agreement to ensure that it is structured properly.