On behalf of Roeder, Cochran, Phillips, PLLC posted in family law on Friday, May 17, 2019.
In Virginia, when some couples get married, they will try to protect their interests by having a premarital agreement. In others, they will have an agreement after they have gotten married to address various changes to their situation. Since this can be a complicated issue in family law and there are circumstances where either side will believe that the agreement is unfair and should not be upheld, it is imperative to know the law when there is a divorce and there was a premarital agreement. A law firm that understands all aspects of family law should be contacted for help.
Knowing what can be in a premarital agreement (also referred to a prenuptial agreement) is a foundational aspect. The following can be addressed in a premarital agreement: property division, the rights and obligations regarding property depending on when and where it was acquired; the right to dispose of or manage property; how property is disposed of when the couple separated, divorces or if any other incident related to the marriage happens; whether there will be spousal support and how much it will be; the creation of an estate plan; ownership of a life insurance policy; which law will govern the agreement; and other matters related to the marriage.
There are situations in which the premarital agreement is not enforceable. This will be the case if the person did not agree to it voluntarily. It will also be unenforceable if it was deemed unfair at the time it was executed; the person who signed did not have the necessary information regarding the property and financial obligations of the other person; and did not waive – in writing – the right to disclosure of that information. The court will decide whether the agreement was unfair (unconscionable) based on the law.
When a couple marries, the creation of a premarital agreement is a protective device in case the union ends in divorce. However, there are cases where there are disagreements about the agreement. This can be from the perspective of the spouse who had the assets he or she was hoping to protect or from the perspective of the spouse who entered the marriage with less. Having legal assistance from a law firm that understands all areas of family law and divorce and how a premarital agreement will factor in is critical. When the decision is made to divorce, calling for legal help is a must.