Over the years, the average age of people getting married has changed. As a result, couples today are older and more established in their careers and have more assets than in the past. Sadly, many marriages fail. Although discussing and negotiating a prenuptial agreement may not be comfortable or romantic, it may be less awkward and stressful to do at the outset of the marriage rather than at the time you and your spouse are separating, or upon the death of a spouse. At ShounBach, our top priority will be the smart approach to crafting a prenuptial agreement designed to successfully protect your interests in the event that things fall apart.
When required formalities are met, premarital agreements (also referred to as prenuptial agreements) can significantly ease the process of separation or divorce. Contrary to popular belief, premarital agreements are not entered into only by wealthy individuals who fear the loss of personal assets in the event of divorce. In reality, premarital agreements are entered into by couples with all manner of financial means who wish to discuss their respective goals and viewpoints concerning finances in advance of marriage out of love, consideration, and affection.
Making the decision to enter into a premarital agreement is often not an easy one, but for many couples it is the best one. If you are considering a premarital agreement prior to entering into marriage, then you should contact a divorce attorney who can educate you concerning matters that may be addressed in a premarital agreement and different options for resolving each matter.
At ShounBach, you will benefit from the experience of a team of lawyers who collectively have years of practice in the area of family law. When you contact the firm to schedule an appointment with an attorney, a Northern Virginia family law attorney will personally meet with you to discuss the facts and circumstances of your situation. As the largest law firm dedicated to family law in Northern Virginia, our attorneys have been recognized by numerous publications and our peers for their capability, and we are proud to boast an acclaimed AV® Rating from Martindale-Hubbell® and U.S. News and World Report.
Virginia’s Premarital Agreement Act defines a premarital agreement as an “agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” A premarital agreement must be in writing and signed by both prospective spouses. No consideration or legal value must be exchanged for a premarital agreement to be enforceable.
However, if the person against whom enforcement is sought proves that he or she did not sign the agreement voluntarily or, that the agreement was unconscionable at the time when it was signed and he or she did not receive a fair and reasonable disclosure of the property and financial obligations of the other party and did not waive, in writing, his or her right to disclosure of the property and financial obligations of the other party beyond the disclosure provided, the premarital agreement may not be enforceable.
Premarital agreements may address the following issues:
Provided that required formalities are met, premarital agreements document the parties’ intentions concerning classification and disposition of property and incomes currently in existence and those that will accumulate during the course of the marriage. A premarital agreement resolves the matters addressed in the agreement in advance of a decision to separate or divorce or upon death of a spouse.
A common saying is that “timing is everything.” This is particularly true concerning negotiation and execution of premarital agreements. The further in advance of a wedding a premarital agreement is signed, the better. Also, the stress related to disposition of property and incomes in conjunction with separation, divorce or death is, in large part, alleviated by discussing and resolving these matters prior to a couple marrying when the relationship is stable and secure.
At ShounBach we educate our clients concerning matters that may be addressed in a premarital agreement and different options for resolving each matter. Together, we help our clients navigate the process of crafting a premarital agreement that best protects the client’s interests in advance of their special day. Our attorneys have successfully negotiated and drafted hundreds of premarital agreements over the years.
Contact a Northern Virginia divorce attorney at our office to learn more about establishing a premarital agreement before taking your vows.