What is a postnuptial agreement?

A postnuptial agreement is a legal contract between a married couple that states specific conditions related to their individual and joint assets and responsibilities upon the dissolution of their marriage. The agreement is drafted and signed after the wedding or after a period of marital strife. In the state of Virginia, a valid postnuptial agreement must contain the signatures of both parties, be in writing and signed before a notary public or two witnesses. The contract must also clearly reflect that both parties understand their rights and obligations under the agreement, and that each party voluntarily entered into the agreement without coercion. A postnuptial agreement can be used to address how alimony, child support and spousal support should be determined in the event of a divorce. It can also stipulate how marital property should be divided such as sharing of inheritance and division of retirement funds, sale of a home, division of bank accounts and other financial efforts. By signing a postnuptial agreement, couples can bring clarity to the division of their assets and debts in the event of a divorce, which can help eliminate disputes between them and make the divorce process smoother and faster. This can be especially helpful for couples who have considerable assets or have disagreements about how to divide funds or property.

Related FAQs

What is a post-divorce modification?
What is an agreement for a mutual divorce?
How much is the average cost of a divorce?
Are there any defenses to a divorce action?
What is a mediation divorce?
What is a temporary order?
How is marital debt distributed?
What is division of marital property?
What is a default judgment?
What is a parenting coordinator in a divorce?

What is a postnuptial agreement?

Related FAQs

Related Blog Posts