Prenuptial agreements may be a practical way for Virginia residents or others to negotiate divorce terms before a marriage event takes place. While it may not seem romantic, it can provide a safety net in the event of a divorce, annulment or death. Statistics from the CDC indicate that roughly 50 percent of marriages end in a divorce, and prenuptial agreement may resolve child custody or alimony issues while both sides are thinking rationally.
Discussing a prenuptial agreement now means that both sides reveal their wants and needs in the event that the marriage ends. It also forces both parties to engage in honest communication with one another before the marriage becomes official. If one spouse is better off financially than the other, it ensures that this person doesn’t automatically lose half of their net worth in a divorce.
At the same time, it may provide financial support for a spouse who stayed home with the kids and needs time to learn new skills or find a job. Prenuptial agreements may also help an individual protect his or her business or make sure that personal debts remain the responsibility of the person who accrued them. A prenuptial agreement may even be helpful in answering inheritance questions if children are brought in from outside of the marriage.
The use of prenuptial agreements may make it easier for an individual to settle his or her divorce. However, it may still be a good idea to have an attorney review it ahead of time so that its terms meet an individual’s needs. An attorney may also be able to review it after the divorce process begins to ensure that it is still valid and enforceable. If not, it may be necessary to renegotiate some or all terms.