A prenuptial agreement, also known as a premarital agreement, is a contract between two people who are planning to marry. A prenuptial agreement can establish how certain property, financial interests, and other rights and obligations will be handled during the marriage, upon divorce or separation, or after the death of a spouse.

Prenuptial agreements are not limited to people with substantial wealth or assets. Couples may use them to clarify financial responsibilities, protect separate property, address property acquired before or during the marriage, protect certain interests for children from previous relationships, and establish provisions concerning spousal support and the division or disposition of property. Virginia law specifically permits prospective spouses to contract regarding property rights, management and disposition of property, what happens to property upon separation, divorce, or death, spousal support, life insurance benefits, and other matters that are not prohibited by law or public policy.

What Can a Prenuptial Agreement Address?

Depending on the circumstances, a prenuptial agreement may address:

• Separate and marital property and the rights of each spouse in that property;

• Property acquired before or during the marriage;

• Financial obligations and responsibilities;

• The management and disposition of property;

• The division or disposition of property upon divorce or separation;

• Spousal support;

• Life insurance benefits;

• Estate-planning arrangements; and

• Choice-of-law provisions and other matters permitted by law.

A prenuptial agreement can provide couples with greater clarity about their financial rights and responsibilities before they marry.

Requirements for a Valid Prenuptial Agreement

Under Virginia’s Premarital Agreement Act, a prenuptial agreement must be in writing and signed by both parties. It becomes effective upon marriage.

Virginia law also addresses when a premarital agreement may be found unenforceable. A person challenging the agreement may establish that they did not enter into it voluntarily. An agreement may also be unenforceable if it was unconscionable when executed and the required financial disclosure was not provided and was not properly waived in writing.

For these reasons, both parties should understand the agreement before signing it and should have an opportunity to obtain appropriate legal advice.

Prenuptial Agreements and Children

A prenuptial agreement can address certain financial and property matters relating to a family’s circumstances, including the protection and disposition of property intended for children from a prior relationship.

However, provisions concerning children are subject to applicable law. A prenuptial agreement should not be viewed as a way to predetermine every issue involving child custody or child support.

Prenuptial Agreements and Divorce or Death

Without a valid prenuptial agreement, applicable Virginia law generally governs the parties’ property and financial rights in the event of divorce or death.

A properly drafted agreement can establish the parties’ intentions in advance and may address how property is managed or distributed if the marriage ends or one spouse dies. Virginia law expressly permits premarital agreements to address the disposition of property upon separation, marital dissolution, or death.

A prenuptial agreement may also be amended or revoked after marriage, but Virginia law generally requires a written agreement signed by both parties to do so.

Why Work With an Attorney?

A prenuptial agreement can have significant financial and legal consequences. The language of the agreement should reflect the particular circumstances, property, financial obligations, and goals of the individuals entering into the marriage.

An attorney can help you understand your rights and responsibilities, identify issues that should be addressed, and draft or review an agreement that complies with applicable law.

Raheen Law Group Can Help You

At Raheen Law Group, we understand that discussing a prenuptial agreement can be a difficult part of preparing for marriage. A carefully considered agreement can help couples address financial issues openly and establish clear expectations before they begin their marriage.

We can help you understand your options, draft or review a prenuptial agreement, address property and financial issues, and navigate the process from beginning to end.

If you are considering a prenuptial agreement or have been asked to sign one, contact Raheen Law Group to discuss your particular circumstances and legal options.