Do I need a prenup? When we hear about prenuptial agreements (prenups), they’re often associated with celebrities or the wealthy. However, prenups can benefit people of all income levels. They aren’t just about protecting the higher-earning spouse—they also provide financial clarity and security for both parties.
A 2022 Harris Poll found that 15% of engaged or married couples have a prenup, up from just 3% in 2010. Additionally, over 40% of Americans support the use of prenups, and 35% of unmarried individuals say they will likely get one when they marry.
So, how can a prenup benefit you? And if you decide to get one, what protections should it include?
What Is a Prenup?
A prenup is a legally binding contract between two people that outlines how their assets, debts, and financial matters will be handled in the event of divorce or death. In Virginia, prenups are governed by the Virginia Premarital Agreement Act (Va. Code § 20-147 to § 20-155) and must be in writing and signed by both parties to be valid. A properly drafted prenup can override Virginia’s default laws on property division and spousal support.
Common elements included in a Virginia prenup:
- Division of property and assets
- Spousal support terms
- Protection of inheritances
- Ownership and division of a business
- Rights to life insurance benefits
- Financial responsibilities during the marriage
- Protection of assets for children from a previous relationship
What a Prenup Covers and Doesn’t Cover
A prenup in Virginia can establish how financial matters will be handled in a divorce, including:
- Bank accounts, investments, and retirement funds
- Spousal support arrangements
- Ownership and division of real estate and personal property
- Protection from a spouse’s pre-existing debt
- Distribution of a business or professional practice
- Treatment of future inheritances or gifts
However, there are limits to what a prenup can include. In Virginia, a prenup cannot:
- Determine child custody or child support—these decisions are based on the child’s best interests at the time of divorce.
- Include terms that violate public policy or criminal law.
- Be enforced if one party was coerced into signing or if there was a lack of full financial disclosure before signing.
What Happens Without a Prenup in Virginia?
If you don’t have a prenup, Virginia law will determine how your assets are divided in a divorce. Virginia follows an equitable distribution system, meaning property acquired during the marriage is divided fairly—but not necessarily equally. Property owned before the marriage generally remains with the original owner, unless it was commingled with marital assets.
Reasons to Consider a Prenup
Prenups aren’t just for the wealthy. Many individuals benefit from having one, including:
- Business Owners – Ensures that a business remains protected in the event of divorce.
- Individuals with Significant Assets – Safeguards wealth acquired before marriage.
- Parents from a Previous Relationship – Protects inheritance rights for children.
- Those Expecting an Inheritance – Ensures that inherited assets remain separate property.
- Individuals with Debt – Prevents one spouse from being responsible for the other’s financial liabilities.
- Stay-at-Home Parents – Ensures financial support in case of divorce.
- Pet Owners – Outlines pet custody arrangements to prevent disputes.
Potential Downsides of a Prenup
While prenups offer financial security, they can also have drawbacks:
- Potential for Imbalance – If not carefully drafted, a prenup may disproportionately favor one spouse.
- Emotional Impact – Some partners view prenups as planning for failure.
- Changing Circumstances – A prenup may seem unfair years later due to changes in financial or personal situations.
What If You’re Already Married?
If you’re already married and wish you had a prenup, you still have options. Virginia allows married couples to create a postnuptial agreement, which functions similarly to a prenup and outlines how assets will be handled in case of divorce.
Speak With Marquis Law Group
A prenuptial agreement can help protect your financial future and provide peace of mind. If you’re considering a prenup or postnup, Marquis Law Group can help draft a legally sound agreement that meets your needs. Contact us today to schedule a consultation.
