What is a prenuptial agreement?

A prenuptial agreement is a legal contract between two people who plan to get married. The agreement is made in order to specify how their assets will be handled in the event of a divorce. It is designed to protect each individual’s assets and limit the liability of one spouse for the debts or other obligations of the other facing divorce. In West Virginia, prenuptial agreements must be in writing, signed by both parties, and notarized to be effective. The agreement will typically lay out how assets, debts, and other financial matters will be divided in the event of a dissolution of marriage. This includes, for example, how property should be divided between the spouses, who should pay what debts, and how assets should be handled in case of a divorce. In West Virginia, the court will not consider oral agreements so it is important that the prenuptial agreement is properly documented. The main purpose of a prenuptial agreement is to make sure that both parties understand their financial obligations and that the couple knows exactly what will happen if the marriage should end. It is particularly important for couples who have significantly different incomes, have extensive properties, or have different views on finances. Prenuptial agreements are not only for wealthy couples, though; any couple who wishes to have a degree of control over the distribution of their assets in the event of divorce can benefit from one.

Related FAQs

What is antenuptial/prenuptial agreement?
Who pays for the divorce?
What is a default judgment?
What is a constructive desertion?
What is an uncontested divorce?
Can a divorce be overturned?
What are the different types of divorce?
What is an absolute divorce?
What is the difference between an uncontested and contested divorce?
When can I get a divorce?

What is a prenuptial agreement?

Related FAQs

Related Blog Posts