Virginia Prenuptial Property Agreement Designating Status of Separate and Community Property
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How to fill out Prenuptial Property Agreement Designating Status Of Separate And Community Property?
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FAQ
Separate property is not eligible since it belongs to a single spouse, but the following are. Marital accounts. Any accounts opened during the marriage, contributed to with marital funds, or used for household expenses will all be considered marital accounts.
A prenuptial agreement cannot include personal preferences, such as who has what chores, whose name to use, where to spend the holidays, information on child-rearing, or what relationship to have with specific relatives. Premarital agreements are meant to address monetary issues.
For example, one spouse receives an inheritance and deposits that inheritance to the family savings account. The marital property is receiving the separate property, so the inheritance becomes marital property.
If property was purchased during the marriage with income earned before the marriage, that property is also considered separate property. The same goes for property purchased from income that came as a gift or income from a sale of other separate property.
Marital property is not divided equally in a Virginia divorce. Instead, the court will make an equitable distribution of your property. When the court makes an equitable distribution, it considers a fair rather than an equal division.
You can also use your prenuptial agreement to decide which of your assets are separate property and which are marital or community property. Such agreements change your spouse's right to inherit that property when you die.
Every state prohibits you from including anything illegal in your prenuptial agreement. In fact, doing so can put the whole prenuptial document or parts of it at risk of being set aside. A prenup cannot include child support or child custody issues. The court has the final say in calculating child support.
Virginia law requires premarital agreements to be is in writing and signed by both parties. The agreement is enforceable without consideration and becomes effective upon the marriage.
If you acquired a house prior to marriage and solely in your name, it's considered your separate property, unless you have used any marital income to pay the mortgage, or you added your spouse to the title of the house.
5 Things You Cannot Include in Your Prenuptial Agreement Nonfinancial Rules. Anything Illegal. Terms Involving Child Custody or Support. Unfair or Unreasonable Terms. Incentive for Divorce.
