If you’re embarking on a second marriage in Virginia, you likely have more experience and assets than you did when you got married the first time. You might also have multiple retirement plans, investment portfolios and children from a previous relationship. These considerations frequently make the stakes higher if you divorce.
According to the Commonwealth of Virginia, a premarital agreement occurs between prospective spouses before the wedding and becomes effective upon marriage. Once you and your partner agree on the terms, drafting and signing the document several weeks to months before your vows may help you avoid legitimacy questions later. Having a premarital agreement, also known as a prenup, has several advantages.
Protect your business
You can ensure your business remains separate property by addressing it in a premarital agreement. If your company is part of the marital property, you must value it and determine a split before finalizing a divorce. Retaining it as separate property takes it out of the equation and may help shorten the time it takes to dissolve your marriage.
Keep family assets
A prenuptial agreement may benefit your heirs, even if you don’t believe you need one for yourself. Parents often request that their adult children sign an agreement so that any assets they receive as estate beneficiaries remain untouched by their ex-spouse. Many people also use it to protect the inheritance they want for their children from a previous relationship.
If you and your partner end your union and cannot agree on the division of assets, the court determines the equitable split. The premarital agreement removes a specific property from the discussion. It may also help make ending your marriage less expensive and stressful than without one.