Benefits of Virginia Marital Agreements 

There can be many benefits of Virginia marital agreements. Entering into a marital agreement is not always a negative situation. In fact, it can repair and strengthen a relationship as well. There are two types of marital agreements — a postnuptial and a pre-marital agreement. The main difference regards the timing of the agreement.

With a pre-marital agreement, a couple decides to create and enter into the agreement before they get married. With a postnuptial agreement, the couple is already married and there has been a significant change in circumstances where they believe that a postnup would be beneficial. Reach out to an experienced lawyer to learn more about the benefits of Virginia martial agreements.

Benefits of a Pre-marital Agreement

The main benefit for either type of agreement is that it helps couples avoid stressful, expensive, and lengthy court battles. Instead, if a couple can reach an agreement before the situation turns into one where a divorce is needed, they will have one less thing they need to worry about.

There are specific ways that a pre-marital agreement can benefit a couple. First, by entering into a prenup, it helps relieve any anxiety an individual may have that the marriage is only for financial gain. These types of agreements also help protect the family’s wealth or business. Sometimes it is not even the couple that is asking for a marital agreement, but a requirement for a family trust or entry into a family business.

Prenups also protect children that were born prior to the marriage, especially if this is the second marriage. Couples generally decide to enter into marital agreements to protect their assets. For example, if before the marriage a person worked very hard to become successful in their career or owned multiple properties, they may want to protect everything they have created on their own. Lastly, a pre-marital agreement can help protect an individual from debt that their spouse may bring into the marriage.

Benefits of a Postnuptial Agreement

While a postnuptial agreement may include many of the same benefits of a pre-marital agreement, there are some benefits that apply specifically to a postnuptial agreement.

If an individual has made new investments or is buying a new business, a postnuptial agreement can help them protect those interests. Sometimes a new business can actually require that a spouse enters into a postnuptial agreement if that business has other partners or investors.

Post-marital agreements also allow a return to a marriage if there have been financial issues in the past. For example, if one spouse has racked up considerable credit card debts or had issues with gambling, a postnuptial agreement can allow the other spouse to protect their assets in the future.

Legal Requirements for Marital Agreements

In order to enter into a marital contract in Virginia, the agreement must be in writing and signed by both parties. The agreement cannot be unconscionable, meaning there is either a full disclosure of all assets or the other individual voluntarily waived their rights to a full disclosure.

Finally, the agreement must be voluntary. If there are any issues of consent, such as force or threats, then the agreement will not be upheld.

Learn More about the Benefits of Virginia Marital Agreements Today

A local lawyer can help you protect your financial assets while making sure you are not entering into an agreement that hurts you. The last thing you want to do is sign away financial benefits that you have a legal right to. Even in the case where both individuals do wish to enter into an agreement, it would be beneficial to have the agreement reviewed by an attorney to ensure that it meets all the legal requirements set by Virginia. Both parties will need their own lawyers to ensure that their specific interests are represented. Reach out to a reliable lawyer today to learn more about the benefits of Virginia marital agreements.