If you are married in Virginia, you may have heard of a postnuptial agreement. This legal document spells out the future distribution of assets in the event of a divorce. Here is what you need to know about postnuptial agreements in Virginia.
What is a Postnuptial Agreement?
A postnuptial agreement is a legal document that is signed by a couple after they have been married. It outlines how property and assets will be divided in case of a divorce. A postnuptial agreement can be used to address a wide range of issues, including the division of property, spousal support, and child custody.
How Does a Postnuptial Agreement Work in Virginia?
In Virginia, postnuptial agreements are governed by state law. The agreement must be in writing and signed by both parties. Additionally, both parties must have the opportunity to consult with an attorney before signing the agreement. The agreement must be fair and reasonable at the time it is executed and cannot be based on fraud, duress, or coercion.
It is important to note that a postnuptial agreement may not be used to waive or limit child support or to restrict child custody and visitation rights. If a court determines that the agreement is unfair, it may be set aside.
Why Should You Consider a Postnuptial Agreement?
There are several reasons why a couple may want to consider a postnuptial agreement. One reason is to protect assets acquired before the marriage. By outlining how property will be divided in the event of a divorce, the couple can avoid lengthy and costly legal battles.
Another reason to consider a postnuptial agreement is to provide financial security for one or both spouses. For example, if one spouse has significant debts or liabilities, a postnuptial agreement can protect the other spouse`s assets.
Finally, a postnuptial agreement can be used to address any issues that were not addressed in a prenuptial agreement or to modify the terms of an existing prenuptial agreement.
A postnuptial agreement is a legal document that can help protect a couple`s assets in the event of a divorce. It is important to consult with an attorney experienced in family law and Virginia state law to ensure that the agreement is fair, reasonable, and legally enforceable. If you are considering a postnuptial agreement, take the time to carefully consider your options and discuss them with your spouse and an attorney.