The Virginia family law code recognizes and upholds marital agreements, including postnuptial contracts. If you do not already know, postnuptial agreements resemble premarital agreements, the main difference being one occurs before marriage, and the other occurs after your union.
A postnup can improve your marriage by addressing the financial problems many couples experience, but it can also help during a divorce. If you are unsure whether you need a postnuptial contract, the following marital scenarios can help you decide.
When wealth is a factor
If you came into your marriage with substantial assets or wealth, a postnup ensures that you can keep most of your premarital assets. You can use the contract to identify your separate property and what belongs to your spouse.
When inheritance is a factor
If you are expecting or have already received a large inheritance or windfall, a postnup can protect it during the property division stage of divorce. In other words, the language in your postnup ensures that you keep your inheritance if a divorce occurs.
When premarital children are a factor
Many people have kids with another person when they get married to someone else. A postnuptial agreement can ensure children born outside of the union suffer no financial harm if the marriage fails.
When your business is a factor
With a postnup, you can protect the profits from a business or company you own during your marriage and if you choose to get divorced. Without this protection, your ex may acquire a share of your business finances in a divorce.
As you can see, postnuptial agreements fill a role of financial protection during a divorce. Learning more about the state laws that govern postnuptial contracts can help you create an airtight legal agreement.