Mention a premarital or prenuptial agreement, and most people will think of wealthy celebrities getting married. However, you don’t need to be wealthy or famous to benefit from this type of agreement. Every individual who is getting married can benefit from drafting a prenuptial contract, even if they do not have a lot of wealth or assets in their name. Even though it may seem unnecessary or overly cautious at the time, it can prove to be invaluable should you or your spouse ever decide that the marriage is over. A seasoned premarital agreements attorney can represent you in drafting a prenuptial agreement and if and when the time comes, with enforcing one.
Depending on your circumstances, there are many benefits to a premarital agreement. These include:
When a couple marries, and one or both has children from a previous relationship, they may want to sign a premarital agreement. A premarital agreement can help them ensure that when they die, their children can receive separate property, and their spouse can still receive the financial provision they need. If no premarital agreement exists, one spouse can legally take a substantial amount of the deceased spouse’s property. This could leave children of the departed spouse without anything.
Even couples who do not have children from a previous relationship and are not incredibly wealthy can use a premarital agreement to provide clarity for their financial rights and responsibilities within the marriage.
The most common reason for couples to create a premarital agreement is to help avoid problems if their marriage ends in a divorce. The agreement can detail how their property should be divided and if one spouse should receive spousal support.
Premarital agreements are not just used to determine who gets what assets if the marriage dissolves but also the assignment of debts. If one spouse is coming into the marriage with a significant amount of debt, the other spouse can protect themselves for being responsible for that debt with a premarital agreement.
Premarital or prenuptial agreements are recognized in all states, including Virginia. However, your agreement must meet specific standards in order for the court to consider it valid. If the court finds a reason not to honor it, it will be as if the agreement never existed. By working with a well-versed premarital agreements lawyer, you can ensure that your agreement will be honored if and when the time comes that you need it.
At Mahoney & Richmond, PLLC, we know how essential prenuptial agreements can be to your marriage. Our attorneys are well-versed in helping clients craft agreements that meet their needs and will be honored by the courts. Contact us to schedule your premarital agreements consultation with an experienced family law attorney today.