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Premarital Agreements
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Many people believe that if their assets are in their name only, or if they were acquired prior to marriage, then that asset would remain theirs in the event of a divorce. This however, is not the case. If you were to acquire an asset prior to marriage and that asset were to increase in value during the marriage due to normal appreciation, sweat equity, or additional financial contribution, then that asset could become a marital asset that your spouse could lay claim to in a divorce. A premarital agreement is a written contract that two persons enter into prior to becoming married. The premarital agreement is used primarily to protect the assets of one or both spouses in case of a divorce. The premarital agreement can state which spouse keeps particular assets, including, but not limited to houses, equity, businesses, investments, stocks, bonds, retirement plans, and more. The premarital agreement can state that spousal support will not be required of one or both spouses in the event of a divorce or separation.
A premarital agreement can address the following: (1) division of assets (including houses, pensions, investments, businesses, etc.), (2) spousal support, (3) how assets will be used during the marriage, (4) how household expenses will be divided, (5) how property will be acquired, titled, and transferred, and (6) division of assets upon death. A premarital agreement can not address child custody or child support issues and can not set or waive child support. The Virginia Premarital Agreement Act was passed in 1985 giving validity to all properly drafted premarital agreements. The premarital agreement must be drafted properly, and with certain disclosures, in order for it to be enforceable and effective.
The Law firm of John W. Lee, PC can help you protect your income and assets with a premarital agreement for only $500.00*. Please call 896-0868 to schedule an appointment to meet with an attorney today.
*Premarital agreements for estates over one million dollars may cost slightly more. |
Most people want to believe that their marriage will last forever, the last thing two people who are in the middle of planning a wedding want to think about is divorce. However, many statistics indicate that over half of all marriages end in divorce. Everyone goes into marriage with certain misconceptions. Many people incorrectly believe that spousal support is only awarded in long marriages and that the things you bring into a marriage your spouse can not lay claim to in divorce. Many military personnel are under the misconception that their spouse is only entitled to a percentage of their pension if they are married for 10 years. Courts often award spousal support to women, even if they have a short marriage and no children based solely on the fact that the woman makes less money than the man. Many courts will award a spouse a percentage of the equity in the house even if that spouses name is not on the house, because that spouse lived in the house when it appreciated in value. Furthermore, many courts will award a military spouse a percentage of the pension even if the marriage is less than ten years. The best way to protect your income and assets is with a premarital agreement. 
