While perhaps not the most romantic engagement ritual, obtaining a Premarital Agreement (also known as a Prenuptial Agreement or a “Prenup”) 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 can help reduce uncertainty and conflict in the event of divorce, death, or another unhappy, life-changing event.
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.
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?
A Postnuptial Agreement serves the same purpose as a Premarital Agreement, but is entered into after a couple is already married. Couples may consider a Postnuptial Agreement when circumstances change during the marriage—such as receiving a significant inheritance, starting a business, or experiencing a shift in financial situations. These agreements can also be valuable when spouses wish to clarify financial expectations or address concerns that have arisen during the marriage. Like Premarital Agreements, Postnuptial Agreements must be in writing, signed by both parties, and should be entered into voluntarily with full financial disclosure.
Premarital and Postnuptial Agreements can be amended at a later date with mutual consent.
The collaborative process is an excellent approach to Premarital and/or Postnuptial Agreements. It provides a structure to assist parties in developing, assessing, and reaching a mutually beneficial agreement.
The family law attorneys at Cooper Ginsberg Gray have significant experience drafting and negotiating Premarital and Postnuptial Agreements on behalf of our clients. Contact us today to learn more about our services.
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