Marital agreements include prenuptial, postnuptial, and separation agreements. If your marriage ends in divorce or separation, any one of these contracts can play an important role in defining and protecting your rights. Understanding how these legally binding contracts work is in your best interests.
An important step to take if you are considering a marital agreement is consulting with an experienced Colonial Heights marital agreements lawyer at Capital Family Law today.
What Are Prenuptial and Postnuptial Agreements?
Virginia refers to prenuptial agreements as premarital agreements, which are contracts that guide the resolution of certain terms in the event of divorce. The drafting of prenuptial agreements takes place before marriage, and the documents go into effect the day a couple marries.
Postnuptial agreements serve the same purpose as prenuptial agreements but occur after the marriage has taken place. A Colonial Heights family law attorney helps clients construct these marital contracts during the marriage, and they go into effect as soon as the parties sign and notarize the documents.
Separation Agreements
Separation agreements are another form of marital agreement, negotiated by couples who are facing a separation before divorce. These agreements determine the terms that will apply throughout the separation, including:
The state does not offer legal separations, but a marital contracts lawyer could help write a separation agreement to help a Colonial Heights couple navigate the oftenlengthy path toward divorce. While prenuptial and postnuptial agreements are more limited in scope, separation agreements resolve divorce-related issues in real time and can address each of the terms that apply.
Creating a Legally Binding Marital Agreement
For marriages involving children, if the established terms in a separation agreement uphold the children’s best interests and are relatively fair, state courts are likely to approve them.
For prenuptial and postnuptial agreements to be legally binding, however, each of the following must apply:
- The contracts must be in writing, be signed by both spouses, and be notarized
- Each spouse must have fully and fairly disclosed lly shared their relevant financial information with the other
- The contract must include terms that are reasonably fair
- Each spouse must have entered the contract willingly, meaning neither was unduly coerced to sign
Both prenuptial and postnuptial agreements can address financial matters such as the division of marital property and spousal support. The incorporation of child custody and child support terms must acknowledge the children’s best interests when the time comes, but it is not advisable to include these terms in a marital agreement. A Colonial Heights attorney experienced in marriage contracts could appropriately draft these documents.
The Division of Marital Property
When couples marry, the assets they acquire from that date forward are considered marital property. During a divorce, the division of assets must be equitable. Separate property, on the other hand, refers to assets that either spouse owned before marriage and kept separate during the marriage.
Without a binding prenuptial or postnuptial agreement, crafted with the guidance of a family law attorney in Colonial Heights, separate property is far more vulnerable to being treated as marital property in a divorce. These marital agreements can ensure that separate assets remain distinctly separate.
Spousal Support
Awarding spousal support in Virginia only occurs under highly specific circumstances. Generally, this takes place when the divorce leaves one spouse without the means to maintain the standard of living established during the marriage, as long as the other spouse has the ability to help.
Addressing the matter of spousal support in a premarital or post-marital agreement can benefit both spouses, and a marriage contract lawyer in Colonial Heights could help facilitate these terms. The recipient can count on the financial support awarded, and the payor can establish the amount they will pay.
Inheritance
If either party has a child or children from another relationship, a prenuptial agreement can address the matter of inheritance. Contacting a marital agreements attorney could benefit Colonial Heights couples in the event that a spouse’s wishes do not align with the state laws of intestacy, and that spouse passes before the other.
Consult With an Experienced Marital Agreements Attorney in Colonial Heights Today
A practiced Colonial Heights marital agreements lawyer has the experience, legal insight, and skill to help you craft a marital agreement that affords you peace of mind and the support of a dedicated legal team. Contact Capital Family & Divorce Law Group of Price Benowitz today for more information.
N/a