Prenuptial agreements are a good idea for many Virginia couples. A prenuptial agreement allows you to determine how you will divide assets and debts equitably in a divorce, ideally saving you time and money.
Under Virginia law, a prenuptial agreement, also called a premarital agreement, is a written agreement made in contemplation of marriage. This means you wrote the agreement with the intent to marry your spouse.
Prenuptial agreement requirements
Prenuptial agreements must be in writing and may cover only certain topics. Some of the topics include marital property, spousal support, life insurance policies and instructions estate planning matters, such as wills or trusts.
Sometimes the terms of your prenuptial agreement are fair when you start your marriage but this changes over time. There are many events that can cause the terms of a prenuptial agreement to no longer be fair and you might want out of the agreement.
Threats or coercion
Virginia law allows you to invalidate a prenuptial agreement for only a couple reasons. One is that you did not sign the agreement voluntarily.
Evidence that you signed the prenuptial agreement while under threat or coercion from someone else could cause the agreement to be declared invalid. Additionally, you must have sufficient time to review and consider the terms of a prenuptial agreement before signing.
For example, if your spouse presented you with the prenuptial agreement an hour before your wedding and told you they would not go through with the wedding until you signed, this could be evidence of coercion. There is no set time that should be given, but you should generally be given enough time to review the agreement with an attorney if you choose.
Unconscionability
Unconscionability in the terms of a prenuptial agreement is another reason to invalidate the agreement. Unconscionable means that the terms were so one-sided and unfair to one spouse that the agreement should be declared void. The prenuptial agreement must have been unconscionable at the time it was signed.
If you do not meet either of these two criteria, but your circumstances have changed and you no longer want to be bound by your prenuptial agreement, modifying the agreement might be your only option.
Reasons to modify a prenuptial agreement
There are many reasons why you want to modify the terms of your prenuptial agreement. A change in financial circumstances is a common reason. Over the course of a marriage, spouse financial situations can change significantly, through job changes, raises or bonuses.
Additionally, many couples start a marriage with little property but purchase property throughout the marriage. The terms of a prenuptial agreement should be modified to include additional assets.
Modifying a prenuptial agreement in Virginia requires the modifications to be put in writing and signed by both spouses. However, if you and your spouse agree to void the entire agreement instead of modifying certain terms, you can do that by signing a written declaration.
