The Virginia Premarital Agreement Act, first passed in 1985, allows parties to enter into preliminary ruling agreements (commonly referred to as “marriage contracts” or “prenups”). A Virginia marriage contract is a written contract intended to facilitate the division of property during the divorce process. A prenup is established and executed before the marriage and is valid only with the divorce or death of one of the spouses. The purpose is to ease confusion or dispute over ownership of the property and who retains control after a divorce. The agreement describes all the property currently held by the parties as well as what will happen to the property accumulated during the marriage. In addition to ownership, the Prenup may contain provisions relating to commercial interests, retirement assets, inheritances and life insurance. 5. the establishment of a will, trust or other agreement for the implementation of the provisions of the agreement; You don`t need a prenup lawyer for the agreement to be legally binding. If both partners choose not to have a lawyer, they can waive the right of legal representation. By avoiding the right to obtain “independent legal advice” from a lawyer representing each person, you both agree with the following statements: On the other hand, a prenup allows entrepreneurs to qualify as separate ownership the status of a business that was in possession before the marriage. In the event of a divorce, this agreement would ensure that the owner holds exclusive rights to the business. “pre-marital agreement” means an agreement between future spouses, which is envisaged and takes effect in the context of marriage.
The date and place of the marriage indicate the official date of the beginning of the marriage of both partners. After the date of marriage, the marriage contract becomes legally binding. If one of the spouses does not have this information on hand, it can be left empty to be filled in later. They avoid family obligations. Any couple who wishes to pre-emptively limit the future rights of custody or access to children should think twice before they can commit to a marriage contract. A prenup should not be used to waive maintenance, alimony or spousal maintenance. The quintessence is that every couple – young, old, rich, middle class, same-sex or heterosexual – should at least consider a marriage contract. I hope that it will never be necessary and that your union will last forever. However, divorce statistics show very clearly that many marriages do not last forever.
Divorce can be one of the most unpleasant and emotionally taxing experiences in a person`s life. It can also be very expensive. Often, it can be unfair. A prenup can be used to protect the rights of both parties and to lay the foundation for fairness in the dissolution of a marriage. It`s priceless. An experienced family law lawyer can help you establish a pre-marital agreement, or can they advise you to sign a prenup that will be presented to you by a potential spouse? You should not sign a marriage contract until you check it with a competent family lawyer. 2004—Smith v. Smith. 43 Va.
App. 279 Although the law considers property acquired during a marriage to be conjugating property, the parties may overcome this presumption by agreement. . . .