Virginia Prenuptial Agreements: Protect Your Assets Before Marriage

One type of marital agreement dealing with the marital issues of a potential divorce is the prenuptial agreement. Prenups are signed prior to marriage and establish a plan for how the spouses will divide their assets if they happen to divorce or if one spouse dies. Key Provisions in Virginia Prenuptial Agreements:

• the rights and obligations of each spouse regarding any property owned by one or both of them;
• who has what rights to buy, sell, use, transfer, or otherwise manage or control property;
• the distribution of property if one of the spouses dies or if the parties separate;
• how much alimony may be provided and for how long;
• whether a will, trust, or other arrangement should be created to carry out the provisions of the agreement;
• the rights to the death benefit from a life insurance policy if one spouse dies;
• which state's law will interpret and decide the case if a dispute arises about the prenuptial agreement.

A prenup is a good idea for any couple as a safeguard as they plan ahead for their marriage. Scenarios That Strongly Suggest a Prenup in Virginia:

• either spouse is bringing major debt into the marriage;
• either spouse is bringing property into the marriage;
• either spouse is much wealthier or poorer than the other;
• either spouse is remarrying;
• either spouse has children.

Note that spouses may modify or revoke their prenup at any point after they get married, as long as they both agree to do so in writing. 

Virginia Settlement Agreements: Navigating Divorce with Clarity

The settlement agreement is a marital agreement drafted while the couple is married and intending to divorce. Separation agreements, which are also called property settlement agreements (PSA) in Virginia, are legal contracts that address the terms of separation. These agreements are usually drafted by attorneys and signed by both spouses before submitted to the court for final approval.

Divorce Settlement Essentials in Virginia:

• Equitable Property Division – how the spouses will divide their assets (e.g., homes, cars, jewelry, furniture, bank accounts, retirement benefits, insurance policies, business interests, investments)
• Child Support Guidelines – who will pay and how much, based on Virginia’s Child Support Guidelines
• Child Custody Arrangements – who the child will reside with, how much time each parent will spend with the child, etc., all based on the child’s best interests
• Alimony Agreements – amount and duration of alimony (spousal support)