Writing Custom Prenuptial And Postnuptial Agreements
A prenuptial agreement defines the present state of assets and property ownership between marrying individuals and describes how they will be split if a divorce occurs. At Schmergel Family Law, PLC, we recognize the importance of this type of contract as a statement of each person’s rights regarding their property.
Reasons to consider getting a prenuptial agreement are as diverse as the couples who seek to establish them. Because of this, a document personally crafted by an experienced attorney is the best route to take for a legal agreement that will stand in court. Prenuptials can define:
- An asset division arrangement that changes over the years of marriage
- Current assets and debts of each person and how they will be divided
- Inheritance rights of children from previous marriages
Our firm has worked with high-asset couples in all areas of family law for over 20 years. Our knowledge and experience give you an edge in the custom construction of your document.
What Can (And Cannot) Be Included In A Marital Agreement
Virginia law allows for a marital agreement to include a range of financial provisions that can reduce uncertainty in the event of divorce or death. As examples, an agreement can:
- Establish how property, real estate holdings, investment accounts, retirement benefits and other assets will be divided if the marriage ends.
- Protect premarital assets, such as family inheritances, closely held businesses, professional practices or property acquired before the marriage.
- Allocate responsibility for existing and future debts, helping to shield one spouse from the other’s student loans, business liabilities or other financial obligations.
- Limit spousal support by providing for a waiver of alimony or setting predetermined limits on the amount or duration of support that may be awarded.
Any included provisions should be tailored to the couple’s particular situation, needs and goals.
At the same time, an agreement cannot include provisions that attempt to predetermine issues of child custody, child visitation or child support. All matters pertaining to children of the marriage are solely within the court’s power to decide according to the children’s best interests, based on the facts and circumstances existing at the time of separation or divorce.
In addition, a court can decline to enforce a prenuptial agreement that it finds was unconscionable when it was executed. An unconscionable agreement is generally one that is so grossly unfair that it shocks the conscience of the court, such as when there is a severe imbalance in bargaining power, an unfair surprise or a property disposition that is overwhelmingly one-sided. However, an agreement is not unenforceable simply because one spouse receives a greater financial benefit than the other.
Full financial disclosure between the parties, voluntary execution and carefully drafted provisions are essential to helping a marital agreement withstand legal scrutiny if its terms are later challenged.
Post-Marriage Option
Postnuptial agreements are an alternative for couples that did not form a contract before marriage. In addition to defining property ownership and acceptable asset division, they are also useful in a variety of instances, including:
- Establishing terms of divorce that recognize inheritance rights of each spouse’s children
- Protecting a newly-formed business partnership from a possible future divorce
- A requirement of a postnuptial agreement to satisfy a beneficiary arrangement
Many couples find that the agreement they created helped them reduce the amount of time and money spent to divorce.
Find Out More Today
Learn how a nuptial agreement can benefit your situation. Give the Arlington office of Schmergel Family Law, PLC, a call at 703-763-2645 or contact us online to schedule an initial consultation with an attorney.