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What are the benefits of a prenuptial agreement?

Prenuptial agreements are sometimes misunderstood as only a tool for the wealthy to protect their assets from a soon-to-be spouse. Prenuptial agreements can protect assets but they can do so for both spouses and can provide a variety of other important benefits and protections couples entering a marriage should consider.

Prenuptial agreements are a family law tool that can help couples entering a marriage address a variety of different concerns they may have. It is useful to note that without a prenuptial agreement, if the couple decides to divorce at some point, the property division laws in their state will determine the division of their property which may not be how they want their property to be divided. This blog has previously discussed the Virginia follows equitable property division rules.

Just as couples who are divorcing are encouraged to work out a property settlement agreement that serves both their interests, a prenuptial agreement can help some couples before their marriage address some of the concerns they may have and protect both of the soon-to-be spouses' interests. In addition to protecting assets, prenuptial agreements can protect the spouses from debts of the other, clarify rights and responsibilities during the marriage, determine how property will be passed upon death and save time and money down the road if the couple decides to divorce because it can help them avoid a costly and time-consuming fight over property division.

Prenuptial agreements have many practical benefits but also have specific requirements that must be met for them to be valid so couples entering a marriage should be familiar with what those requirements are where they live. If a couple contemplating marriage is unfamiliar with the potential benefits of a prenuptial agreement are, it is worth them checking out and learning more about the different benefits of a prenuptial agreement.

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