When preparing to tie the knot, couples often focus on planning the perfect wedding day. However, it is equally important to consider the legal aspects of marriage, especially when it comes to financial matters. In Virginia, one valuable tool available to prospective spouses is the prenuptial agreement, also known as a premarital agreement. This legal contract can provide clarity and protection for both parties in the event of a divorce or separation.
What is a Prenuptial Agreement?
A prenuptial agreement is an agreement made between two individuals who are planning to get married. It is designed to address various financial matters and becomes effective upon marriage. The Commonwealth of Virginia has specific laws governing prenuptial agreements to ensure fairness and validity.
What Can Be Included in a Prenuptial Agreement?
Parties to a prenuptial agreement in Virginia may contract with respect to the following matters:
- Property Rights: The agreement can outline the rights and obligations of each spouse regarding any property, whether acquired before or during the marriage.
- Property Management: It can specify how property will be bought, sold, used, transferred, or otherwise managed and controlled.
- Disposition of Property: The agreement can address how property will be divided in the event of separation, divorce, or other specified events.
- Spousal Support: The agreement can set forth provisions for spousal support or alimony.
- Estate Planning: It can cover the making of wills, trusts, or other arrangements to carry out the provisions of the agreement.
- Life Insurance Benefits: The agreement can determine the ownership and disposition of death benefits from life insurance policies.
- Choice of Law: It can specify the governing law for interpreting the agreement.
- Other Matters: The agreement can include provisions concerning personal rights and obligations, as long as they do not violate public policy or criminal statutes.
Enforceability and Fairness
While prenuptial agreements offer valuable protection, they must meet certain criteria to be enforceable in Virginia. A prenuptial agreement is not enforceable if:
- One party did not sign it voluntarily.
- The agreement was unconscionable at the time of execution, and certain disclosure requirements were not met.
However, if the agreement is fair and both parties willingly signed it with full knowledge of the other's financial situation, it is more likely to be enforceable.
Creating and Modifying Prenuptial Agreements
To be valid, a prenuptial agreement must be in writing and signed by both parties. Additionally, it should become effective upon marriage. After the marriage, any amendments or revocations to the agreement must be made in writing and signed by both spouses. No new consideration is required for these changes.
Marital Agreements for Existing Couples
If you are already married and wish to establish similar financial agreements, Virginia allows married couples to enter into "marital agreements." These agreements are subject to the same conditions and have the same effect as prenuptial agreements. If the terms of such an agreement are recorded or transcribed in certain situations, it may not even need to be in writing.
Prenuptial agreements can be valuable tools for protecting the interests of both spouses in case of future uncertainties. Before entering into such an agreement, it is essential to understand Virginia's laws and seek legal advice to ensure fairness and enforceability. At Carroll & Nuttall, PC, our experienced family law attorneys can guide you through the process of creating a valid prenuptial agreement tailored to your specific needs. By taking this proactive step, you can safeguard your financial future and enjoy your marriage with peace of mind. Contact us today to discuss your options and protect your future together.