Money can be a touchy subject, especially when times are tough financially. In fact, according to one study, of couples surveyed, 40 percent reported that debt negatively affected their relationship with one another. This could lead to breakdowns in communication and arguments regarding finances. In fact, a separate study found that married couples who often argue about finances were 30 percent more apt to end up filing for divorce than those who did not often fight about money.
Therefore, couples who are engaged to be married may want to consider executing a prenuptial agreement — known as a “premarital agreement” in Virginia — before walking down the aisle. Prenups can address not only property division in the event of a divorce, but also who is responsible for what debts both while married and should the marriage not last.
However, even if a couple does not execute a prenup, all is not lost. They could enter into a postnuptial agreement. A postnuptial agreement can address many of the same topics a prenup can address, including finances. So, a postnuptial agreement, like a prenup, can outline who is responsible for which debts both while the couple is married and if the couple divorces.
That being said, prenuptial agreements and postnuptial agreements are essentially legal contracts. It is important that both parties understand all the terms of the agreement before signing, so that the final agreement is fair to all involved. For that reason, those looking to enter into a prenup or postnuptial agreement will want to ensure their interests are protected.