(BA, MBA, JD)
Attorney at Law
Lieutenant Robinson, U.S. Navy Flight Instructor, 1992
All Rights Reserved. Copyright 1999 by Ronald Robinson.
Some Virginia Code Sections on Premarital Agreements
§ 20-148. Definitions.
As used in this chapter:
"Premarital agreement" means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.
"Property" means an interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings.
§ 20-149. Formalities of premarital agreement.
A premarital agreement shall be in writing and signed by both parties. Such agreement shall be enforceable without consideration and shall become effective upon marriage.
§ 20-150. Content of agreement.
Parties to a premarital agreement may contract with respect to:
1. 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;
2. 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;
3. The disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
4. Spousal support;
5. The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
6. The ownership rights in and disposition of the death benefit from a life insurance policy;
7. The choice of law governing the construction of the agreement; and
8. Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
§ 20-151. Enforcement; void marriage.
A. A premarital agreement is not enforceable if the person against whom enforcement is sought proves that:
1. That person did not execute the agreement voluntarily; or
2. The agreement was unconscionable when it was executed and, before execution of the agreement, that person (i) was not provided a fair and reasonable disclosure of the property or financial obligations of the other party; and (ii) did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided.
B. Any issue of unconscionability of a premarital agreement shall be decided by the court as a matter of law. Recitations in the agreement shall create a prima facie presumption that they are factually correct.
C. If a marriage is determined to be void, an agreement that would otherwise have been a premarital agreement shall be enforceable only to the extent necessary to avoid an inequitable result.
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