Prenuptial Agreements are contracts negotiated and signed by engaged couples to determine specific issues that could arise when they marry. These agreements are meant to protect the interests of both parties. But because it is usually used to plan for issues such as the division of property after divorce, many people believe that signing a prenup is equivalent to preparing to get divorced.
However, that is not the case. The reality is that many marriages will end in divorce with or without a prenup. Signing a prenup is just a way to take proactive steps to protect yourself and secure your future in case of any eventuality.
Contrary to popular belief, a prenup should not be one-sided in favor of the more wealthy party. Since it is an agreement, both parties can include terms that benefit the individual in the contract after due negotiations. A family law attorney from Ashwell & Ashwell, PLLC, can represent you during the negotiation process if you’d like to execute a prenup.
In this guide, we explain the requirements of a valid prenup in Virginia and how to create a mutually beneficial agreement with your soon-to-be spouse. Please read on to learn more.
Prenuptial agreements, formally called premarital agreements in Virginia, are regulated by the Premarital Agreement Act. The Act sets out the legal requirements for prenups made in the state. Any premarital agreement that does not meet the requirements would be invalid and unenforceable in court.
Under the Act, a premarital agreement can be used to decide on certain types of issues, including the following;
Generally, under Virginia law, property owned by a married person may be classified as separate or marital property. Separate property includes assets acquired by either property before marriage, while marital property includes property acquired after marriage.
The rule in Virginia is that in a divorce, each party walks away with their separate property, while marital assets will be distributed equitably between them. On the surface, this rule appears fair and just, but it could lead to long, drawn-out disputes, making the divorce process more complicated.
A prenup can help both parties decide or specify who gets what while the going is good, and there’s no bad blood between the parties. Settling this issue beforehand would make the divorce process less complicated and give them one less thing to argue about in court.
Spousal support refers to the payments made by one spouse to the other during or after divorce. The court usually decides the amount and duration of spousal support due in a divorce based on certain considerations, such as the length of the marriage and whether any of the parties engaged in marital misconduct like adultery that contributed to the marriage breakdown.
With a prenup, parties can decide on the amount to be paid to either party as spousal support, how it will be paid, or whether it will be paid at all.
A Virginia prenup may also be used to settle;
Child support and child custody are issues directly related to the rights of a child and not the rights of the parents who are parties to a prenup. So, the courts have the final say over such issues.
But a prenup can be used to settle these matters as long as both parties do not disagree with the terms in the event of a divorce. If there is any dispute, the court would have the power to decide on the matter according to the child’s best interests.
Under the Virginia Premarital Agreement Act, a prenup must comply with certain formalities to be enforceable. They include the following:
A prenup without these elements would be unenforceable in court. Therefore, you must make sure your agreement meets these requirements; otherwise, the whole exercise would have been a waste of time.
Virginia premarital agreements can be modified or revoked after marriage. However, the modification or revocation must be in writing and signed by both parties.
If you intend to execute a prenup or your fiance has prepared one for you to sign, please do not sign anything without first speaking with a Virginia family law attorney. That singular step could save you a lot of heartache and tears in the future.
Your lawyer can;
A premarital agreement is a necessary safety measure for those venturing into marriage. Just like wearing a helmet when riding a bike, its existence can help you stay safe if there’s a crash, even though you’re doing what is necessary to avoid such a crash.
At Ashwell & Ashwell, PLLC , we understand the value of prenups in establishing trust and security and the specific obligations of either party in a marriage. In our years of family law and divorce practice, we’ve seen the drawbacks of not having a prenup and how it affects the parties in contested and Uncontested Divorce s. We can help negotiate, draft, or review your prenup to ensure that the terms are balanced and not designed against your future interests.
If you are already married and are uncomfortable with the terms of your current prenup, we can help amend it so it reflects your and your spouse’s current wishes and circumstances.
Protecting your future is our concern, and we hope to help you settle sensitive issues about property or financial obligations ahead of time so you can begin your marriage without fear of the unknown.
Contact us today to get started.
