What is a prenuptial agreement?

A prenuptial agreement, or prenup, is a legally binding contract that couples sign before getting married. In Virginia, a prenup can cover many different topics such as the division of property, spousal support, and other financial matters in the event of a divorce. Prenups are not required in Virginia and are voluntary contracts between two people, however, they can be very beneficial for both parties. By signing a prenup, couples agree to a property division that is satisfactory to both parties and can avoid potential disagreements and costly court proceedings. Prenups also help protect financial assets or interests of either party, such as real estate, investments, or inheritances. When creating a prenup, each party must have an independent attorney review and provide advice. All provisions of the agreement must be fair and reasonable and all information must be disclosed. Once the prenup is completed and signed by both parties, it is legally binding. Prenuptial agreements are not for everyone and couples should consider all the pros and cons before deciding if it is the best decision for them. However, prenups do provide couples with peace of mind and can help to protect any assets each individual had prior to the marriage.

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