When two individuals are considering getting married, neither one of them wants to consider possibly winding up in divorce court and arguing over their assets. Legal disputes over finances and property can be highly contentious and very costly.
Unfortunately, in today’s world, there seems to be an even greater chance of a marriage ending in divorce than ever before. However, there are certain actions that you can take with a family attorney that can work to protect you in the event that a divorce does occur. Contact a Virginia Beach marital agreements lawyer to discuss your options.
What is the Difference Between a Prenuptial Agreement and a Postnuptial Agreement?
The main difference between a prenuptial agreement and a postnuptial agreement is that a prenup is signed before the marriage takes place. This agreement goes into effect the moment the marriage is finalized. The post-nuptial agreement is drafted after a marriage has already taken place. Both types of agreements are very beneficial to both spouses as they outline various financial terms that relate to the marriage. The most common issues that are addressed within these types of agreements are as follows:
- A clear division of separate property that belongs to each individual that was brought into the marriage.
- The allocation of property if one of the spouses dies or if the two parties separate, divorce, or some other significant event occurs.
- A predetermination of potential spousal support in the event of a divorce.
- A clause that indicates what will happen if marital infidelity is proven.
- Whether there is a time limit on the length and terms of the agreement.
- Separation of debts or finances.
- The right to a death benefit from a life insurance policy if one spouse dies.
A marital agreements lawyer in Virginia Beach can help a couple draft either type of agreement.
What Cannot be Included in a Marital Agreement?
One important aspect of marriage that a marital agreement cannot cover is child support in the event there may be a divorce in the future. The legal basis for this is that the child is entitled to support, not the parent. Two individuals who are to be married cannot essentially determine by contract what amount of child support would be adequate for the child; generally, the child has not been born, and it is not known what type of care and support they may require after their birth.
As such, child support cannot be predetermined. Child support must be decided by the courts as the amount that is to be paid is based on a formula and is calculated so as to be in the best interest of the child.
In addition, a marital agreement cannot outline child custody and who should have custody in the event of a divorce. Once again, the courts have the legal authority to make decisions with the best interest of the child in mind for their overall health and development. An attorney in Virginia Beach could further discuss what should and should not go into a marital agreement.
Who Should Obtain a Marital Agreement?
Many individuals think that they do not need a marital agreement. However, there are many situations in which the two spouses should have a marital agreement to protect themselves.
- One or both spouses bring property into the marriage
- One spouse has significantly more financial assets than the other
- One or both spouses have debt that was acquired before the marriage
- Either of the spouses is remarrying
- One or both spouses have children not born in the current marriage
While the couples mentioned above have specific reasons to enter into a marital agreement, a lawyer in Virginia Beach can help anyone draft this type of contract.
Contact a Virginia Beach Marital Agreements Attorney to Draft a Contract
Drafting and signing a marital agreement either before or after marriage is a very important tool and resource for protecting both your assets as well as those intended for your children, if applicable. In the past, many individuals regarded marital agreements with a type of disdain in that they almost made a marriage feel like a business transaction. Nonetheless, in today’s world, we have come to understand how important it is to protect any property and assets that we have worked hard to acquire in life.
A marital agreement attorney can draft both prenuptial and post-nuptial agreements. They can also look over an agreement that your future or present spouse may propose. You want to be sure the terms and conditions listed within the agreement are both legal and favorable to you should there be a divorce. We can give you sound legal advice and guide you through the legal process of marital agreements.
When you are considering getting married and need a prenuptial agreement or need to update an existing marital agreement, contact the law offices of Parks Zeigler, PLLC and schedule an appointment. We look forward to working with you.
