In Virginia, there are limitations as to the issues a prenuptial agreement may resolve. Additionally, there are strict rules about the steps and circumstances leading up to the execution of a prenuptial agreement that must be followed in order for it to be ultimately enforceable by a court. Thus, it is important to consult with an experienced and knowledgeable domestic relations attorney when you are considering drafting a prenuptial agreement.
If you and your soon-to-be spouse would like to discuss whether a premarital agreement is right for you, we will sit with you and discuss your various concerns and considerations, and help you understand what rights you are maintaining, and which ones you are signing away.
If you have been presented with a prenuptial agreement prior to your wedding day, seek legal counsel immediately. It is important you understand what you have in front of you before you decide whether to sign. The attrorneys of The Reed Law Firm, P.L.L.C. are knowledgable and experienced family law attorneys, and we can assist you in the event you have been presented with a prenuptial agreement, or if you are looking to get a prenuptial agreement drafted.
What is a Prenuptial Agreement?
By definition, a prenuptial agreement is a written contract between two people, who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential property division if the marriage is later dissolved. There are limitations to the issues a prenuptial agreement may resolve, and there are strict rules about the steps and circumstances leading up to the execution of a prenuptial agreement that must be followed for it to be ultimately enforceable by a court. Thus, it is important to consult with an experienced and knowledgeable domestic relations attorney when you are considering drafting a prenuptial agreement.
What is the purpose of a prenuptial agreement?
Prenuptial agreements are designed to protect assets in the event of divorce, and tend to occur more frequently when either or both of the parties have significant assets accumulated at the time they are ready to get married, in order to protect such property.
Prenuptial agreements are advisable for those bringing sizable assets into a second marriage, or as part of a comprehensive estate plan to protect the inheritance of children from a prior marriage. Prenuptial agreements are also advisable when a person has, or is likely to receive, so-called “legacy” assets, such as a property that has been in the family for generations.
For more information on this topic, and to obtain specific advice on the laws applicable to your situation, please contact us to schedule a consultation.