An Overview of Prenuptial Agreements in Virginia

November 30, 2012 (Press-News.org) An Overview of Prenuptial Agreements in Virginia

A prenuptial agreement, or prenup, is a contract between spouses that governs what their property and financial rights will be with regard to one another in the event of divorce, death or any other potential circumstance agreed upon by the couple. Topics often covered in a prenuptial agreement include:
-Real estate
-Division of bank accounts
-Rights to past and future pensions and retirement accounts
-Spousal support
-Inheritance rights
-Responsibility for debts

Who Needs a Prenuptial Agreement?

Traditionally, prenuptial agreements have often been used by older couples entering second marriages after one or both partners have already had children or acquired significant wealth. In these situations, a prenuptial agreement can help avoid future confusion and conflict by allowing a prospective spouse to control where his or her assets will wind up if the marriage ends. For instance, a person who has children and owns a home at the time of marriage may wish to use a prenuptial agreement to safeguard the children's right to inherit the home.

While prenuptial agreements remain a useful tool for people entering second or subsequent marriages, they are also growing in popularity among couples planning to marry for the first time. A prenuptial agreement is often a good idea when there is a significant disparity in wealth or potential earning power between the prospective spouses, or when either partner has or expects to receive assets that they wish to keep separate from the marital estate.

Virginia Prenuptial Agreement Law

To be enforceable in Virginia, a prenuptial agreement must be in writing and must be signed by both individuals. Additionally, to be enforceable, each party must have a fair and reasonable disclosure of the property and financial obligations of the other party, or there must be a written waiver as to this right of disclosure. Although signed prior to marriage, a prenuptial agreement does not go into effect until the marriage occurs. In addition, a prenuptial agreement is not considered valid under Virginia law if it was not voluntarily executed by both spouses, or if it is "unconscionable" -- in other words, if it is excessively unfair or unreasonable.

Prenuptial agreements are important documents that need to be carefully drafted in consideration of the particular circumstances of the couple. A prenuptial agreement is certainly not something that a couple would want to "pull off of the internet" as a form document. For help planning and creating a valid prenuptial agreement in Virginia, contact an experienced family law attorney.

Article provided by Becker, Kellogg & Berry, P.C.
Visit us at http://www.beckerberrylaw.com