When couples tie the knot, they often focus on building a life together filled with love, trust, and shared goals. While marriage is a beautiful union, it’s also a legal contract that comes with financial implications.

Interestingly enough, many millennials and couples nowadays are open to signing a prenup before marriage, about 50% of them, according to Axios.

In Virginia, couples who didn’t sign a prenuptial agreement before marriage still have options. Enter the postnuptial agreement – a legally binding contract similar to a prenuptial agreement after marriage.

In this article, we’ll explore the legalities, benefits, and considerations of postnuptial agreements in Virginia and guide you through the process of creating one.

Why Consider a Prenuptial Agreement After Marriage?

Couples may choose to draft a postnuptial agreement for various reasons. Life circumstances can change after marriage, and a postnup can help address new developments. Here are some common reasons why couples opt for post-marriage prenup in Virginia.

Change in Financial Situation

If one or both spouses experience a significant change in income, inheritance, or asset acquisition after marriage, a postnup can clarify how these assets will be managed. This is important especially if one spouse starts earning significantly more than the other after marriage.

Business Ownership

If a spouse starts or acquires a business during the marriage, a postnuptial agreement protects the business in case of divorce. This happens more often nowadays as people are starting businesses at a higher rate (5.5 million new businesses started in 2023, according to the US Census Bureau).

Debt Protection

If one spouse accumulates significant debt, a postnup can specify how that debt will be handled. This protects the other spouse from liability.

Inheritance and Estate Planning

Couples may use postnuptial agreements to outline how inheritances will be managed. This protects children from previous relationships.

Marital Challenges or Reconciliation

Sometimes, couples facing marital difficulties may create a postnup as part of a reconciliation process. This provides security and clarity as they work through issues.

Clarification of Financial Responsibilities

A postnuptial agreement can define each spouse’s financial obligations. This helps prevent future disputes over money management.

Are Postnuptial Agreements Legal in Virginia?

Yes, postnuptial agreements are legal and enforceable in Virginia. However, to be valid, the agreement must meet specific legal requirements under Virginia law. The state follows the Uniform Premarital Agreement Act, which also provides guidance for postnuptial agreements.

For a postnuptial agreement to be legally binding in Virginia, it must meet the following criteria:

Written and Signed

The agreement must be in writing and signed by both spouses. Oral agreements are not enforceable.

Voluntary Consent

Both parties must agree voluntarily, without coercion, duress, or undue influence. If one spouse feels pressured to sign, the agreement could be challenged in court.

Full and Fair Disclosure

Both spouses must fully disclose their assets, debts, and financial situations before signing the agreement. Hiding financial information can render the agreement invalid.

Fair and Reasonable Terms

While the agreement doesn’t have to be perfectly equal, it must be fair and reasonable at the time of signing. Courts may refuse to enforce an agreement that is grossly one-sided or unconscionable.

Not Against Public Policy

The terms of the postnuptial agreement must comply with Virginia family law and public policy. For example, an agreement that waives child support obligations would not be enforceable.

What Can a Postnuptial Agreement Cover?

A postnuptial agreement in Virginia can cover a wide range of financial matters. However, it cannot address certain issues, such as child custody and child support, which the court determines based on the best interests of the child. Here’s what a postnup can include:

Division of Property: The agreement can specify how marital property and separate property will be divided in the event of divorce or death.

Debt Allocation: Couples can outline how debts acquired before and during the marriage will be handled.

Spousal Support (Alimony): The agreement establishes whether spousal support will be paid, how much, and for how long.

Inheritance and Estate Rights: The postnup addresses inheritance rights, ensuring that specific assets go to certain beneficiaries, such as children from a previous marriage.

Business Ownership and Interests: If one or both spouses own a business, the marriage contracts in Virginia including a postnup can protect the business from being divided or sold in a divorce.

Retirement Accounts and Benefits: The postnup can specify how retirement accounts, pensions, and other benefits will be divided.

Steps to Create a Postnuptial Agreement in Virginia

If you’re considering a postnuptial agreement in Virginia, follow these steps. This will ensure that the agreement is legally binding and meets both spouses’ needs.

Discuss the Agreement Openly

Communication is key. Both spouses should openly discuss their goals, concerns, and expectations for the agreement.

Hire Separate Attorneys

It’s highly recommended that each spouse has their own divorce attorney. This will ensure each spouse’s interests are represented and help avoid potential conflicts of interest.

Full Financial Disclosure

Both spouses must fully disclose all assets, debts, income, and financial obligations. Transparency is crucial for the agreement to be valid.

Draft the Agreement

Work with your attorneys to draft a comprehensive agreement. It should address all relevant financial matters.

Review and Revise

Take time to review the agreement carefully. Make sure both parties fully understand the terms and are comfortable with them.

Sign and Notarize

Once both spouses are satisfied with the agreement, sign it in the presence of a notary. This will ensure it’s legally binding.

Get Prenup Guidance in Virginia from KFFJ Law Firm

In Virginia, a prenuptial agreement after marriage is not only legal but can also strengthen a marriage by fostering open communication and mutual understanding about financial matters.

KFFJ Law Firm has many experienced attorneys who are ready to protect our financial rights be it before or after marriage. We’ve been helping individuals and families in Northern Virginia get real results in difficult legal cases for over 30 years.

Schedule a free consultation with our team today to discuss your situation and get some much-needed relief from your divorce-related financial woes.