Getting married is exciting, and it’s supposed to be one of the happiest times of your life. But just because you and your future spouse see eye to eye on everything now doesn’t mean things won’t change in the future. Protecting yourself and your finances in the event of a divorce can be the best gift you give yourself, and one of the easiest ways to protect your interests before you get married is to create a prenuptial agreement or prenup. These agreements detail what happens if you and your spouse get divorced.
While every prenup is different, there are a few factors you’ll want to include in your agreement. Your Virginia prenuptial agreement attorney explains more.
What to Include in Your Prenup
Your agreement can and should be customized to meet your needs and to fully protect your interests. But there are a few things you’ll want to do as you start preparing your premarital agreement.
Identify Your Premarital Assets
Run through the assets you’re bringing into the marriage. These should be items that you acquired on your own without your future spouse’s assistance or input. You may want to include property and assets like the following:
- Artwork
- Real estate
- Investment accounts
- Vehicles
- Jewelry
You can, if you choose, bring those assets into your marriage and allow them to become marital property. But if you intend to keep them separate and make it easier for you to retain possession of them if you file for divorce, specifying those assets in your premarital agreement will help.
Track Your Premarital Debts
You may also want to identify your premarital debts to protect your spouse. Just as with property, debts you bring into the marriage can become marital property and may be subject to division if you get divorced. Go through your debts and consider which you want to repay entirely on your own. Encourage your spouse to do the same and document those debts in your prenup.
Consider Alimony and Spousal Support
Depending on the length of your marriage and your financial situation, you or your spouse could be entitled to alimony or spousal support payments as part of the divorce settlement. If you’re earning more and expect to continue earning a higher income indefinitely, you may want to include a provision waiving spousal support for both you and your spouse. This way, you won’t have to pay if the marriage ends. Keep in mind that the court may override these provisions if they determine that your spouse is unable to maintain their current lifestyle on their own.
Establish Provisions for the Division of Assets
In contested divorces, the court can decide who receives which assets as part of the divorce settlement. If there are assets you know you want to retain, include provisions for those assets in your prenup. Encourage your soon-to-be spouse to do the same. As an added bonus, creating provisions for the division of assets can take some of the stress out of a divorce. You won’t have to argue about who keeps what since you already made the decision before you got married.
Let a Virginia Prenuptial Agreement Attorney Help
Prenuptial agreements are a legally binding contract between you and your future spouse. As such, it’s always a good idea to work with an attorney as you draft and finalize the agreement. Your attorney will be able to make sure the agreement is enforceable and can give you advice on what to include so you and your spouse are both protected. Contact us today to schedule a consultation and give yourself and your future spouse the protection you both deserve.