Virginia Prenuptial Agreements
In 1985, the Virginia Premarital Agreement Act was established to allow two individuals considering marriage to enter into an agreement which we refer to us a prenuptial agreement. A prenuptial agreement is an agreement that is signed before a couple is married outlining how the couple will divide their assets if they should divorce. The main issue a prenuptial agreement addresses is property division, including real property (land or buildings) or personal property (bank accounts or jewelry).
A prenuptial agreement may outline:
- Property division of real or personal property
- Personal property (bank accounts or jewelry)
- Division of pre-marital property in the event of death or divorce
In order for a prenuptial agreement to be legal, it has to be signed before the marriage. It becomes effective as soon as the couple is legally married.
A prenuptial agreement cannot determine child custody or child support. However, the agreement can address alimony and establish the type, amount, and duration of alimony to be awarded if the spouses divorce.
Prenuptial Agreement Scenarios
There are certain reasons why one may want to establish a prenuptial agreement. Some considerations to take into account when considering marriage would be whether:
- your potential spouse has major debt issues that would be brought into the marriage;
- property is being brought into the marriage by one or both spouses;
- a spouse entering the marriage has significant assets prior to the marriage;
- this is a remarriage;
- children are bring brought into the marriage by one or both spouses
Contact the Experienced Prenuptial Attorneys at Riley Law, PLLC
If any of these scenarios occur to you or you have doubts about whether or not you should enter into a prenuptial agreement, then give Riley Law, PLLC a call at (757) 851-3888. We can help you make your decision and give you the best option suited for you and your partner.
We have handled all forms of family law cases in all surrounding Hampton Roads court jurisdictions including the Virginia Peninsula cities and counties of Hampton, Newport News, Poquoson/York County, Williamsburg; all Southside courts in Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk and Isle of Wight.