What is antenuptial/prenuptial agreement?

An antenuptial/prenuptial agreement (often called a prenup) is a legal document that is created and signed before a marriage. This document outlines how two spouses will handle their shared property, finances, and other assets should the marriage come to an end. In the state of Virginia, participating in antenuptial/prenuptial agreements are a way for couples to avoid the emotional and financial costs of a divorce trial should their marriage become irrevocably broken. In Virginia, these agreements must be voluntary, in writing, and include a fair and reasonable disclosure of the parties’ financial circumstances. Usually, each spouse must have their own lawyer to review the agreement with them and explain its legal implications. Once the prenup has been signed and notarized, it is legally binding and carries the same authority as any other kind of contractual agreement. While prenups are often used to protect the assets of one or both spouses, they have other purposes as well. For example, prenups can be used to protect the assets of the couple’s children from a previous marriage, or to establish clear expectations for how finances and other assets should be divided should the marriage end. You can also include provisions for other matters such as spousal support, debt repayment, and inheritance.

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What is antenuptial/prenuptial agreement?

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