Prenuptial agreements are opted as it paves the way for a smooth divorce. It elaborates on the terms of divorce and could include a range of conditions pertaining to child custody, visitation, alimony, asset division, etc. A prenuptial agreement Virginia is signed before the marriage. These contracts were not known to many in the previous decades. But a prenuptial agreement Virginia is widely common among the newlywed of the present generation. A couple opts for a prenuptial agreement Virginia for various reasons. Few couples would try to write down a prenuptial agreement Virginia to ensure financial protection. Contact the Law Offices of SRIS, P.C. to prepare a flawless draft.
Prenuptial Agreements in Virginia
A prenuptial agreement Virginia is a personal contract between two parties, who are likely to get married. These contracts are also called prenups. A prenuptial agreement Virginia grants power or authority over properties. These agreements simply spoke about property rights for widowed spouses in the past. A traditional prenuptial agreement Virginia rarely elaborates on a possible separation in the future. But presently, a prenuptial agreement Virginia is acknowledged as a crucial divorce planning device among old couples. On the other hand, the newlyweds consider bringing into force a prenuptial agreement Virginia to ensure protection over deserving assets.
A prenuptial agreement Virginia is drafted according to the instructions put forth by the Uniform Premarital Agreement Act (UPAA). This act establishes a common contract on how a prenuptial agreement Virginia should be drafted and enforced between a native couple. Attorneys from the Law Offices of SRIS, P.C. have thorough knowledge in preparing and finalizing these contracts. A drafted prenuptial agreement Virginia is expected to the submitted to the court for the official approval of the same. The judge would look into the submitted contracts cautiously to ensure that the documents are prepared without violating the terms retained in the implemented premarital act.
A briefing on prenuptial agreement Virginia
The state legislation defines a prenuptial agreement Virginia as a contract between two soon-to-be-married individuals. This contract comes into effect right from the date on which the couple is planning to get married. A prenuptial agreement Virginia would generally cover all terms of separation, but an increased focus is rendered on ways with which properties and other forms of wealth would be divided at the time of divorce.
A prenuptial agreement Virginia would provide exact details of the following:
- The personal properties and savings of each spouse.
- The rights that apply to each spouse over every property if there arises a need to divide the same in the future.
- The outstanding debts and loans that were previously acquired by each spouse.
- The ways with which the pending debts would be repaid if the couple decides to separate in the future.
- A set of provisions that specifically speak about the division of assets that are to be brought in the future.
In several cases, a prenuptial agreement Virginia can also include a specific section that is legally recognized as ‘sunset clauses’. These clauses regulate asset division depending on the duration of the marriage.
How does a prenuptial agreement Virginia works?
Traditionally, a prenuptial agreement Virginia was regarded as a power specifically granted to rich spouses to keep their unsuccessful or poor partners away from claiming their personal properties. This myth happens to remain to date but has comparably dropped down in intensity. But today, couples have started to notice the benefits of having a prenuptial agreement Virginia in place.
In most cases, one of the spouses, typically the wealthiest of the two marital parties, hires an attorney to prepare a prenuptial agreement Virginia. This contract would list down all the properties owned and debts acquired by each spouse, potential post-separation plans, etc. Then, the other spouse would hire a personal lawyer to review the terms expressed in the proposed prenuptial agreement Virginia and subsequently necessary changes are made. Once when both the marital partners mutually agree on the terms of the drafted prenuptial agreement Virginia, the document is signed, filed at the court, and brought to effect from the date of marriage. If the couple decides to part ways anytime in the future, each of the marital parties will readily have instant access to the prenuptial agreement Virginia. Each spouse has the right to retain an individual lawyer for carrying out legal procedures. If a partner is denied access to the drafted contract, the court nullifies the enforced marital contract on the grounds of unfairness.
A prenuptial agreement Virginia is not mandatory necessary for every wedded pair. The need for a draft depends on the following factors.
- Assets owned
- Debts acquired
- Post-separation plans (if any)
- Retirement plans and benefits
- Presence of kids from the marriage
The personal circumstances, history of marriage, and relationship of every couple are the factors that influence the decision of whether or not it is necessary to draft a prenuptial agreement Virginia.
Couples generally have two common queries when it comes down to drafting a prenuptial agreement Virginia. The queries include:
- Is it necessary to have a prenup when the spouses retain no assets or huge wealth?
- What would the circumstances be if the couple fails to have a prenuptial agreement Virginia in effect at the time of divorce?
A prenuptial agreement Virginia is not just a provision of protection for wealthy couples. A prenuptial agreement Virginia can offer protection to the assets that were brought in by each spouse into the registered wedding. Additionally, these contracts can also guarantee deserving rights over the assets that were purchased jointly by both spouses after marriage. The Virginian family law enforces equitable distribution of the properties that were gathered or brought during the marriage.
The following are some of the reasons why individuals would opt to draft a prenuptial agreement Virginia before getting married.
- If people have children with previous romantic or marital partners and choose to protect what they have inherited from co-parenting.
- If individuals refuse to get their current or potential future businesses or companies from getting split at the time of divorce.
- If people bring in increased debts into the wedding. These debts should have nothing to do with the wedded partners like education loans, etc.
- If individuals desire to keep a certain set of personal properties away from partitioning at the time of marriage.
- If the couple refuses to spend a lot of funds on litigation at the time of the marital breakup.
However, if a couple brings little to nil debts or properties into the wedding, there is no mandatory requirement for a prenuptial agreement Virginia. If a couple feels that starting a relationship with preparation for separation is a bitter start to a happy life ahead, such contracts can be left out. As it affects personal emotions, it is right to give up on drafting these documents. If a divorcing couple proceeds to file for a divorce without having a prenup in effect, the court gets to decide on the terms of separation.
Along with property division, a couple will also be asked to decide on other crucial aspects like child custody/support, alimony, etc. The lawyers at the Law Offices of SRIS, P.C. are experienced and skilled in obtaining a divorce within a minimal period. Schedule a consultation with our professionals today to acquire desired outcomes at the earliest.