It is important any person considering entering into a prenuptial agreement consult a Fairfax prenuptial agreement lawyer before entering into such an agreement. It is imperative that each party entering into a prenuptial agreement understand the Virginia laws that relate to child support, spousal support, and division of property as any person entering into such an agreement should first understand their rights if no such agreement were in place.
If you are considering entering into a prenuptial agreement, it would be beneficial to have the help of an experienced Fairfax family attorney who can help you to understand your rights along the way.
What is a Prenuptial Agreement
A prenuptial agreement is an agreement that is signed and executed by two parties intending to get married, prior to their marriage. A prenuptial agreement is designed to settle, in advance of the marriage, certain rights of the respective parties should the marriage end in a divorce.
Prenuptial agreements can address all issues of property, support, and other financial matters. Prenuptial agreement can also cover limited matters, depending on the intentions of the parties.
When An Agreement is Beneficial
There are several situations in which a prenuptial agreement may be important to consider. If one or both of the spouses have children from a prior relationship, a prenuptial agreement can be used to structure a situation that could protect the children from the prior relationship in the event of the death of their parent. If an individual has children from a prior relationship upon entering into a marriage, it can be important to secure certain financial rights in order to protect those children.
Another circumstance in which it is important for an individual to consider a prenuptial agreement is if one or both of the parties to a marriage is entering that marriage in a substantially different financial situation than the other party. For example, if one spouse is entering into the marriage with a multimillion dollar estate, it may be important for that spouse to frame with the help of a skilled prenuptial agreement attorney in Fairfax as how that estate will be handled in the event of divorce before the parties enter into a marriage.
Finally, a person who has previously been divorced may wish to enter into a prenuptial agreement in order to secure their financial rights and to mitigate the financial and emotional turmoil that can be associated with the divorce process.
Virginia has a PreMarital Agreement Act, which delineates the requirements of a premarital agreement. As prescribed by this statute, a premarital agreement must be in writing and signed by both parties and becomes effective upon the date of the marriage. The Act also provides additional information regarding the nature of the rights that may be effectively contracted between the parties in a premarital agreement.
Statute of Limitations of Claims
There is no statute of limitations that applies to claims created in a prenuptial agreement per se. A Fairfax prenuptial agreement attorney will be able to help explain the nuances of each agreement. If a marriage subject to a prenuptial agreement dissolves and one of the parties fails to take action on claims contained in that prenuptial agreement for a considerable period of time, it is possible the court will prohibit that person from enforcing the agreement due to the amount of time lapsed.
If a party enters into a marriage with children from a prior marriage, a prenuptial agreement may be necessary to protect the rights of those children. Such an agreement can set aside certain assets and designate those assets as the separate property of the spouse who is the parent of those children. This protects assets and allows them to be preserved such that they may be inherited by the children from the prior relationship.
Working with an Attorney
An experienced Fairfax prenuptial agreement attorney can advise you regarding the extent to which a prenuptial agreement will be enforceable in other locations should the parties, after their marriage, move to another state. Such considerations are of primary importance and must be made before a prenuptial agreement is contemplated.
Contact a prenuptial agreement attorney in Virginia today to discuss all of the benefits of establishing a premarital agreement before marriage with you and your future spouse. It can greatly simplify legal matters later if the marriage ever happened to end.