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Premarital Agreements In Virginia

When two people decide to get married their focus tends to shift toward making the wedding plans rather than how they can protect their financial and personal interests in the event that the marriage eventually dissolves. Premarital agreements are not very romantic in nature and broaching the topic with your future spouse can be difficult and uncomfortable. However, having a serious discussion regarding each person’s debts, assets and wishes will give each partner a feeling of security and stability going into the marriage. Additionally, in the event that the marriage dissolves at a later date, the conditions set forth in the premarital agreement can help to streamline the divorce settlement process.

A premarital agreement is a special type of contract that is governed by Section 20-150 of the Virginia Code. The Code sets forth numerous topics that may be included in your premarital agreement. It is not mandatory that a premarital agreement contain clauses representing all of the permissible topics; however, it is recommended that the parties entering into the agreement discuss and provide as much detail as possible to ensure that their wishes and needs are accurately spelled out in the agreement.

Potential spouses may specify the rights and obligations that will attach to each partner regarding the distribution of property in the event that the marriage dissolves. Often times, a premarital agreement will assign specific items that the partners own or possess at the time of the marriage. These items would have likely been acquired by the individual parties prior to the relationship or before the marriage; however, the parties may also assign rights in property that has not yet been acquired. For example, the potential spouses may wish to assign one half of the value of all existing property and assets to each partner at the time of separation.

When a marriage ends, spousal support is often a topic of contention during the divorce process. Potential spouses should consider whether support would be an issue and determine an amount or percentage of the couple’s total income that would be fair. Spousal support issues often arise when one of the partners earns an income or has personal assets that are greatly disproportionate with those of the other spouse. The goal of spousal support is to allow the lower earning spouse to maintain a similar standard of living that he or she had during the marriage.

In order for a premarital agreement to become binding upon the parties, it must be in writing and signed by both of the parties. The Commonwealth of Virginia also requires that each party enter into the agreement willingly and voluntarily. Illegal, unconscionable or unjust provisions may not be enforceable; however, most provisions that do not break the law or violate public policy will be enforceable. Additionally, the parties have the ability to change the provisions contained in the premarital agreement at any time so long as the changes are made in writing and signed by both of the spouses.

Virginia residents who are contemplating entering into a premarital agreement would be well advised to have the agreement drafted by an experienced attorney who can explain the provisions of the agreement and point out additional points that should be considered. Each partner may also wish to consult with their own attorney if they have concerns that a provision contained within the agreement may not be in their best interests. With thoughtful planning and meaningful discussions with your future spouse and an attorney, you can be assured that you financial future is secure regardless of the length of your marriage.

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