Typical subjects that could be covered in a prenuptial agreement

A prenuptial agreement can be a very flexible tool and it can help protect the assets of both spouses should they decide to divorce. It can also offer debt protection for both of the spouses. These can be crucial benefits for anyone who is starting their life over and may now only have one source of income to depend on. There are some typical topics that could be included in a prenuptial agreement in order to provide maximum protection.

One topic that could be covered in a prenuptial agreement is what the spouses consider to be their marital property and what they consider to be separate property. This subject is critical in prenuptial agreements because if a couple gets divorced without the benefits of such an agreement, all of their property can be divided up at the discretion of the court. Prenuptial agreements can prevent this from happening.

Another area that can be covered in a prenuptial agreement is debt. The agreement could clearly indicate what kind of debt is marital debt and what kind is personal. This is important because in the event of a divorce creditors can try to collect on marital property even if the debt was accrued by only one spouse. Identifying what kinds of debt are marital and personal can help limit a spouse's liability.

Many spouses also use a prenuptial agreement to identify what each spouse's responsibilities will be during the marriage. It can identify which of the spouses will manage the everyday household bills and who will manage the couple's retirement accounts. It can also be used to identify which, if any, family businesses are separate from any marital businesses.

Prenuptial agreements can also be used to clearly identify property distribution in the event of a divorce. However, any Virginia resident who is considering a prenuptial agreement may want to get more information in order to find out what other topics could be included in this kind of document.

Source: family.findlaw.com, "What can and cannot be included in prenuptial agreements", Accessed June 12, 2016