What is a Prenuptial Agreement?

A prenuptial agreement, or prenup, is a legal document created by couples before they get married. This agreement outlines how assets and property will be divided in the event of a divorce or separation. While prenups were once primarily used by wealthy individuals, they have become increasingly common among couples of all income levels. Regardless of how much you love each other in the beginning, it’s better to be safe than sorry. 

How Does a Prenup Protect Your Assets?

One of the primary benefits of a prenuptial agreement is that it allows you to protect your assets and property in the event of a divorce. With a prenup in place, you can:

Define Separate and Marital Property: A prenup allows you to clearly define which assets are considered separate property and which are considered marital property. Separate property typically includes assets that were owned by one spouse before the marriage, as well as gifts and inheritances received during the marriage.

Specify Asset Division: In a prenuptial agreement, you can specify how assets and property will be divided in the event of a divorce. This can help avoid lengthy and costly legal battles over property division during the divorce process.

Protect Business Interests: If you own a business or professional practice, a prenup can help protect your business interests in the event of a divorce. You can outline how the business will be valued and divided, ensuring that your financial interests are protected.

Address Spousal Support: A prenup can also address spousal support, also known as alimony. You can specify whether spousal support will be paid, how much will be paid, and for how long it will be paid.

Creating a Prenuptial Agreement

Creating a prenuptial agreement involves several steps:

Full Financial Disclosure: Both parties must fully disclose their assets, liabilities, income, and expenses. This ensures that the prenup is fair and enforceable.

Negotiation: Both parties must negotiate the terms of the prenup and come to an agreement on asset division, spousal support, and other important issues.

Legal Review: Once the prenup is drafted, it's essential to have it reviewed by a qualified family law attorney to ensure that it complies with state laws and is legally enforceable.

Signing the Agreement: Finally, both parties must sign the prenuptial agreement in the presence of a notary public.

The process of creating a prenup can be complicated. It is recommended to contact a prenuptial agreement lawyer in Manassas to lead you through the process and ensure that it is as good as can be.

Why You Need a Prenup

While no one wants to think about the possibility of divorce, the reality is that divorce rates are high, and marriages don't always last forever. By creating a prenuptial agreement, you can protect your assets and financial interests, providing peace of mind and financial security for the future.