What is a marital property agreement?

A marital property agreement is a document that outlines the division of property between two parties entering or exiting a marriage. This document is important for those in the state of West Virginia, as it outlines the rights of each spouse in regards to property, assets, debts, and other financial holdings. Marital property agreements are established in order to ensure fairness between two parties. Through negotiations between two parties, the marital property agreement defines who owns what and which assets and debts will be divided. This document can also include provisions for spousal or child support, which would be applicable if the marriage was to end in a divorce. The document is critical for any couple living in West Virginia because the state requires that all marital assets be separated and accounted for upon divorce. Without a marital property agreement, the court will determine how property should be divided in the event of a divorce. Having an agreement in place provides certainty and a sense of security for both parties in the marriage. A marital property agreement can also outline provisions for problem-solving in the event of marital difficulties or disputes. This serves to protect both parties in the marriage, and it may also be beneficial in the event that one of the parties dies. In this way, an agreement serves as a safeguard for both spouses.

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What is a marital property agreement?

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