More often than not, couples merge personal possessions after marriage. You likely have some idea what assets are yours and what are your spouse’s – this may be important information if there’s ever a divorce.
People often fear what will happen to their assets if there’s a divorce That’s why there are legal agreements couples can make to protect property in a marriage. Here’s what you should know:
Protecting your assets from divorce requires planning
Couples may have the option to make one of two legal documents – a prenuptial agreement or a postnuptial agreement – which may help ensure their assets are evenly divided if a divorce ever happens. Both of these agreements sound similar and act much the same way, but there are differences.
A prenuptial agreement, or prenup, is a document made before marriage. A prenup addresses where assets are distributed after a divorce. Likewise, couples may discuss if there’ll be any financial support from alimony, so both parties can continue living the same quality of life after a divorce.
A postnuptial agreement, or postnup, works just like a prenup. A postnup also designates asset division and plans out alimony, however, it’s made after the union of two people is legalized. Postnups can even be used to revise prenups, allowing spouses to redefine their financial obligations and protected assets as their relationship (and assets) change.
Creating a postnup or prenup can be complicated without the right legal knowledge. Experienced legal guidance here in Virginia can help you protect your assets no matter what the future may bring.