In certain situations, a person may be entering into a marriage with minor children from a previous marriage or relationship. It would be prudent for that parent to enter into an agreement that will protect their finances for the benefit of the already existing minor children.
To discuss the circumstances of your Virginia marital agreement involving children, it is imperative that you consult with a marital agreement lawyer as soon as possible. An experienced attorney can help you produce the ideal outcome depending on your familial situation.
There are a number of ways that an individual’s relationship with their children could be impacted when determining a Virginia marital agreement. The first discusses Virginia’s intestacy laws concerning someone’s passing without having a valid will. The rules provide that if somebody dies without a will, a certain portion of the estate will pass to the current spouse and, entering into a marital agreement, that might dictate how that is accomplished.
The parent with the children from a prior marriage can carve out a finite amount of their estate that would go to the children of the prior marriage and might be different than what the Virginia intestacy law provides.
Virginia marital agreements involving children can define the rights of the children from the prior relationship in the event of an untimely death of the parents. They can provide for certain protection in terms of life insurance proceeds and other such things.
One of the best ways to do this is to have a will prepared. A subsequent marriage can impact how that will is going to be interpreted and executed in a probate court. The lasting will can help an individual best understand their Virginia marital agreement involving children.
Supporting the Child’s Upbringing
Children are not considered property in any way. In preparing a property settlement agreement, the children will be involved or mentioned, i.e., custody or visitation, child support, and other costs related to the upbringing of the children.
These agreements can include the requirement of life insurance. If one parent is the primary wage earner, it would be important to include a provision that that parent keep life insurance in a certain amount up until the time the children are 18. That way, in the event of that parent’s untimely death, there are still parameters in place providing for financial support of the children.
Parameters of Care
A Virginia marital agreement involving children could include custody and visitation parameters; deciding how to share time with the children. Another provision could be how the parties plan to pay for college or any provision related to a child who has special needs.
In the event of a child with special needs, there could be specific parameters for the care of that child beyond the average situation. All of these things can be included in a property settlement agreement. An individual should consult with a seasoned lawyer as soon as possbile when looking