A Virginia prenuptial agreement is a legal document a couple establishes prior to marriage to simplify the asset division process if the marriage ends by divorce or if one spouse dies while married. The prenup becomes effective under these circumstances, providing clarity and preventing disputes over property ownership and control.
Spouses use this agreement to explain the differences between their individual and jointly acquired property throughout the marriage. Furthermore, this contract contains various financial aspects, including business ventures, retirement funds, inheritances, and life insurance benefits.
Legal Considerations
Laws:
- § 20-147 – Application
- § 20-148 – Definitions
- § 20-149 – Formalities of premarital agreement
- § 20-150 – Content of agreement
- § 20-151 – Enforcement; void marriage
- § 20-152 – Limitation of Actions
- § 20-153 – Amendment or revocation of agreement
- § 20-154 – Prior agreements
- § 20-155 – Marital agreements
Signing Requirements: A prenup requires the signature of both parties (§ 20-149).
Dividing Property: Equitable distribution (§ 20-107.3).
Enforceability Requirements
Written and Signed Agreement
Both parties must establish a prenup in writing and sign the document with their legal names. This formal requirement creates a tangible record of the agreement and ensures that both parties have explicitly agreed to the terms.
The enforceability of the prenup doesn’t hinge on consideration, meaning it remains valid even without an exchange of value. The agreement will become effective upon the marriage of the involved parties.
Content Flexibility
A prenup can encompass a wide range of provisions, including but not limited to the division and control of property, the choice of law governing the agreement, and spousal support. This flexibility lets couples tailor the agreement to their circumstances as long as the terms don’t defy criminal statutes or public policy.
Fair Disclosure and Voluntariness
All parties must enter the agreement voluntarily. Also, please note that the agreement is unconscionable at the time of execution if one party doesn’t receive a fair and reasonable disclosure of the other’s financial situation. This requirement prevents individuals from being coerced into unfair agreements.
Protection in Case of a Void Marriage
A prenup should still be enforceable even if a marriage is void. However, it only has to be enforceable to the extent necessary to prevent an inequitable outcome, ensuring fairness even when the marriage itself is invalidated.
Amendments and Revocation
Both parties must agree to (in writing) any amendments or revocation of a prenup after marriage. They must also provide their signatures. This post-marriage flexibility allows couples to adjust the agreement as their relationship evolves, ensuring the agreement remains fair and relevant.
Statute of Limitations and Prior Agreements
According to state law, the statute of limitations for claims under a prenup is suspended during the marriage. Any agreements the parties made before the enactment of these statutes remain valid if they meet general contract validity requirements. This continuity provides legal certainty for agreements the parties entered into before and after the statutes’ enactment.
