Getting the Most out of Prenuptial Agreements in Virginia
Sometimes people come to understand — often the hard way through a previous divorce — that they'd rather not deal with the standard spousal support and property division provisions of Virginia law. Up to a point at least, prenuptial agreements can vary the usual rules that apply on these issues and other problems that might come up in a divorce.
At MacDowell & Associates, our attorneys understand that prenuptial agreements are not for everyone, but we can help our clients develop a solid grasp of what a prenup can and can't do in a given situation. To learn more about our approach to premarital agreements in Northern Virginia, contact our office in Fairfax.
Our lawyers can draft, negotiate or review proposed prenuptial agreements prior to marriage or remarriage, and challenge or enforce their terms as the case may be in a later divorce.
We find that prenuptial agreements can be most useful for older couples, more affluent couples, and remarrying couples who want the chance to define their own rights and responsibilities with respect to certain issues. A prenuptial agreement can specify, expand or restrict certain rights otherwise covered under state law, including:
- Alimony or spousal support rights, from a complete waiver to a specified lump sum
- Responsibility for certain marital or separate debts
- Distribution of tax attributes in the event of divorce
- Characterization of particular assets as marital or separate property
- Alternative property settlement arrangements based on the length of the marriage, whether or not there are children, or the conduct of the spouses
- Rights in commingled property, such as a house bought by both spouses prior to marriage
- Restriction of rights to a premarital partnership or business property that could later be treated as a marital or hybrid asset
One thing a prenuptial agreement can't do is reduce or waive the obligation of either parent to support a child. While a prenup can address child custody or visitation questions, any such terms in the agreement can later be disregarded if they're shown to be inconsistent with the best interests of the children involved.
To be enforceable, a prenuptial agreement must be based on full disclosure of the finances of the parties, substantially fair to both parties at the time it was drafted, and freely entered into. The person proposing the agreement should also give the other person a reasonable chance for independent legal review by his or her own attorney. A prenup offered on a take-it-or-leave-it basis stands little realistic chance of enforcement in court.
For more information about prenuptial agreements and whether a prenup might make sense in your situation, contact MacDowell & Associates in Fairfax.
