If you are contemplating marriage, or are already married but have questions about how to best protect your assets, you may want to consider a pre-marital or post-marital agreement. Both are options in Virginia, and at Michelle Tuschinski, Attorney at Law, we can walk you through the process. We understand how sensitive these types of agreements are, and we handle them with compassion and understanding. Contact us today.
Virginia’s Premarital Agreement Act
A premarital agreement is entered into by two people in contemplation of marriage, and it goes into effect upon their marriage. Under VA Code §20-150, parties may address the following in their premarital agreement:
- The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
- The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
- The disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
- Spousal support;
- The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
- The ownership rights in and disposition of the death benefit from a life insurance policy;
- The choice of law governing the construction of the agreement; and
- Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
Premarital agreements must be entered into voluntarily and must not have been unconscionable when the agreement was executed. At Michelle Tuschinski, Attorney at Law, we encourage you to refrain from entering into a premarital agreement without first consulting an attorney who will put your interests first. Contact our firm to learn more.
Post-Marital Agreements
If you are already married and you and your spouse want to enter into an agreement you may do so. Under VA Code §20-155, a post-marital agreement is very similar to a premarital agreement except that they become effective immediately upon execution.
It is important to note that according to the statute if the parties reconcile after signing a separation or property settlement agreement, that reconciliation shall abrogate such agreement unless “otherwise expressly set forth in the agreement.”
For All Your Pre-Marital & Post-Marital Agreement Concerns, Contact Michelle Tuschinski, Attorney at Law
If you are engaged to be married and want to know how a premarital agreement can serve you, or if you are already married and would like to know more about executing a post-marital agreement, contact Michelle Tuschinski, Attorney at Law. Our firm can help you navigate the process and understand all your options.