Having a marital agreement can help you and your spouse address and resolve potentially contentious issues in advance. You can enter into a marital agreement either before your marriage by signing a prenuptial agreement or after your marriage by signing a postnuptial agreement.
If you believe that a marital agreement could be a wise option for you and your spouse, you should consult with a knowledgeable and experienced McLean marital agreements lawyer. Our family law attorneys could advise you about the elements of marital agreements.
Advantages of a Marital Agreement
Entering into a marital agreement offers spouses and future spouses many benefits in the event of a later divorce or if one spouse predeceases the other spouse.
Clearly Outlines Property and Debts
Being upfront about both assets and debts can help avoid later disputes about financial issues. Delineating precisely which property belongs to each spouse in a written agreement can make the process of divorcing more congenial and simple. Although nobody wants to think about the possibility of divorce when they enter into a marriage or during their marriage, the reality is that many marriages do not last.
Having a marital agreement in place either before or during the marriage can be beneficial if a couple later decides to divorce. The marital agreement can specifically state where each marital asset will go after a divorce and even set forth spousal support arrangements. In addition, one spouse would not be burdened by the other spouse’s debts in the event of a divorce. By having a clear marital agreement in place, a couple could potentially save themselves the heartache and costly expense of a long-drawn out court battle if they later decide to get divorced. With a marital agreement, a couple could discuss their wishes and make decisions in advance that are best for their family without being overwhelmed by the harsh emotions that occur in the heat of a divorce.
Protects Children from a Prior Relationship
A marital agreement can help protect the interests of children from a prior relationship by establishing their inheritance interests.
A dedicated McLean attorney could help an individual create a marital agreement that addresses all financial needs.
What Makes a Marital Agreement Enforceable?
Unfortunately, not all prenuptial or postnuptial agreements are automatically enforceable.
Voluntary with No Coercion
To be enforceable, a prenuptial or postnuptial agreement must be entered into voluntarily by both spouses. If there is any indication of coercion to get one party to sign it, the terms of the agreement may not be enforceable.
Fair and Reasonable
The marital agreement must not be unconscionable. When one spouse enters into a marriage with significantly more money and assets than the other spouse, the higher-earning spouse would not be expected to give away half their assets. However, they cannot expect the lesser-earning spouse to walk away with nothing.
Full Financial Disclosure
Both parties must be honest about their assets and liabilities before entering into a marital agreement.
If a court determines that the marital agreement is not enforceable, the marital assets and liabilities would be determined by application of Virginia’s equitable distribution statute.
A skilled McLean lawyer who is familiar with all state requirements could assist with a marital agreement.
Call a McLean Marital Agreements Attorney
Having a clear marital agreement can be beneficial to your marriage. However, to ensure that your wishes are fully met and in compliance with all relevant laws, you need to consult with an experienced McLean marital agreements lawyer.
Call to meet with a knowledgeable attorney from Capital Family & Divorce Law Group of Price Benowitz LLP.
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