For Virginia couples looking to get married, it can be important to understand the benefits of prenuptial and postnuptial agreements. This is especially true if one future spouse does not have money managing skills and is at risk for racking up debt. While they are not foolproof, a prenup or postnup can help a spouse protect the assets that they had prior to the marriage. These documents can also determine who will be responsible for any debt in the event that the marriage does not last.
A prenuptial agreement is signed before the couple gets married. These documents can help the couple determine which assets were owned prior to the marriage and help ensure that they stay separate. Furthermore, they also establish who will pay for certain debts even if the debt is incurred after the wedding. In some states, like Virginia, couples can also sign an agreement after the wedding has already taken place. This agreement, called a postnuptial agreements, also specifies who is responsible for certain debt.
These agreements do not prevent creditors from coming after both spouses. However, the agreements can allow one to seek reimbursement from their spouse. It is important to note that a person can still be held liable for debt if they co-signed on a loan or credit card.
As many adults are choosing to get married later on, they are often entering marriages with considerable assets, including houses, retirement funds and savings accounts. These individuals may want to talk to a family law attorney so that they can protect themselves and their assets in the event of a divorce.