While perhaps not the most romantic engagement ritual, obtaining a Premarital Agreement (also known as a Prenuptial Agreement) can be an important consideration.
As couples begin their married lives, each may have ideas about certain assets they wish to protect, and/or thoughts about how certain matters should be handled upon death, separation, divorce, or other events.
Cooper Ginsberg Gray will draft and negotiate Premarital Agreements on behalf of our clients in a manner that ensures the client’s desires are met and minimizes the strain of divorce, death, or another unhappy, life-changing event.
Do I Need a Premarital Agreement?
A Premarital Agreement is a voluntary contractual agreement that couples enter into before marriage to protect their assets, and to reduce potential conflict and financial burdens in the event of divorce, separation, or death. This type of Agreement is permitted by the Virginia Premarital Agreement Act.
Premarital Agreements are contracts. They must be in writing and signed by the parties. These Agreements should be notarized so that there is no dispute as to who signed the Agreement and when the Agreement was signed.
While a Premarital Agreement becomes “effective upon the marriage,” it should be negotiated long before the wedding day. Planning ahead ensures that the Agreement can be negotiated and entered without undue pressure and in an amicable fashion.
What If I Don’t Currently Have Any Assets to Protect?
Even if you do not have any assets prior to marriage, you may still wish to consider a Premarital Agreement. Doing so can establish terms regarding assets accumulated during the marriage, future earnings, retirement benefits, business interests, inheritance, and gifts.
It can also offer protection against (or provide assurances for) spousal support payments in the event of separation and/or divorce.
Premarital Agreements can also serve to clarify how income and expenses will be handled during the marriage, and can address common questions such as:
- Will income be shared during the marriage?
- Will monthly bills be divided evenly or in proportion to income?
- Who will pay for debt incurred prior to the marriage?
- How will support obligations from a prior marriage be paid?
- Will either spouse receive spousal support or alimony in the event of a separation or divorce?
- What happens if a spouse receives an inheritance during the marriage?
Agreements can also be a helpful way to address how to handle a marital separation in circumstances where religious considerations may prohibit divorce. Many incompatible spouses use Premarital Agreements to enable them to stay legally married while living separate and apart when divorce is not an option.
Can a Premarital Agreement Be Amended?
A Premarital Agreement can be amended at a later date with mutual consent. If you wish to modify or terminate a Premarital Agreement, both spouses will need to enter into a new agreement with updated terms. Agreements made after marriage are called postnuptial agreements.
Can the Collaborative Process be Used with Premarital Agreements?
The collaborative process is an excellent approach to Premarital Agreements. It provides a structure to assist parties in developing, assessing, and reaching a mutually beneficial agreement.
Learn More About Premarital Agreements
The family law attorneys at Cooper Ginsberg Gray have significant experience drafting and negotiating Premarital Agreements on behalf of our clients. Contact us today to learn more about our services.