As couples enter into marriage a premarital agreement can be a valuable tool for discussing difficult topics. Those who have planned for the future can avoid serious disputes later regarding assets, property or debts.
At The Marquis Law Group, we have a long history of helping clients through serious family law matters. Premarital agreements (also known as prenuptial agreements) can be drafted to clarify the assets that each party brings to the marriage. If the marriage ends without these types of agreements, a divorcing couple might face heated debates centered on the equitable division of marital assets.
The Virginia Premarital Agreement Act
Codified in Section 20-147 (VA Code Sec 20-147) et seq. premarital agreements are governed by the act itself. Individuals can attempt to handle numerous family law matters on their own. Unfortunately, a simple mistake might nullify the entire document. It is wise to have an experienced attorney to review the act with you, and explain your legal options.
It is important to speak to an experienced attorney about what specific situations your agreement should cover. Typical agreements include:
- Issue of grounds of divorce
- Spousal support
- Child support
- Separate assets brought into the marriage
- Separate debts brought into the marriage
- Joint assets acquired throughout the marriage
While many states impose a certain time frame in the drafting of a premarital agreement, Virginia does not. As long as you are not married, you can enter into a premarital agreement. HOWEVER it is not recommended that parties wait until the eve of a marriage to negotiate and sign a premarital agreement. It is best to consult counsel sufficiently before the date of a wedding to ensure appropriate consideration of all the issues that need to be addressed in a premarital agreement.
To discuss the benefits of a premarital or prenuptial agreement schedule a consultation now.