Revocation of Premarital or Prenuptial Agreement
Sometimes there are areas of law about which Uniform Acts
are written and adopted by the various states. Premarital Agreements
is such an area of law. The NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM
STATE LAWS adopted the final version of the Uniform Premarital Agreement
Act in 1983. Since that date, the act, as modified by the various
states, has been adopted in the following states: Arizona, Arkansas, California,
Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Indiana,
Iowa, Kansas, Maine, Montana, Nebraska, Nevada, New Jersey, New Mexico,
North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Texas,
Utah and Virginia. At the heart of the act is the provision which
provides that such an agreement is generally valid if in writing and sets
forth the factors to consider if the agreement is challenged.
Virginia Statutes
Application:
This chapter shall apply to any premarital agreement executed on or after July 1, 1986. (1985,
c. 434; 1986, c. 201.)§ 20-147.
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.§ 20-148.
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.§ 20-149.
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;
5. The making of a will, trust, or other arrangement to carry out
the provisions of the agreement;
8. Any other matter, including their personal rights and obligations,
not in violation of public policy or a statute imposing a criminal penalty.§
20-150.
Enforcement; void marriage:
A. A premarital agreement is not enforceable if the person against whom enforcement is
sought proves that:
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. 20-151.
Limitation of actions:
Any statute of limitations applicable to an action asserting a claim for relief under a premarital
agreement is tolled during the marriage of the parties to the agreement.
However, equitable defenses limiting the time for enforcement, including
laches and estoppel, are available to either party. 20-152.
Amendment or revocation of agreement:
After marriage, a premarital agreement may be amended or revoked only by a written
agreement signed by the parties. The amended agreement or the revocation
is enforceable without consideration. 20-153.
Prior agreements:
All written agreements entered into prior to the enactment of this chapter between prospective
spouses for the purpose affecting any of the subjects specified in §
20-150 shall be valid and enforceable if otherwise valid as contracts.20-154.
Marital agreements:
Married persons may enter into agreements with each other for the purpose of setting the rights
and obligations of either or both of them, to the same extent, with the
same effect, and subject to the same conditions, as provided in §§
20-147 through 20-154 for agreements between prospective spouses, except
that such marital agreements shall become effective immediately upon their
execution. However, a reconciliation of the parties after the signing of
a separation or property settlement agreement shall abrogate such agreement
unless otherwise expressly set forth. 20-155.
Advantages of premarital agreements for both parties:
Avoiding Litigation Costs
Protecting against Fears of Family Members
Protecting Family Assets
Protecting Business Assets
Protection Against Creditors
Child Custody and Support Guidelines
Predetermined Disposition of Property
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Disclaimer: This law summary is not legal advice.
If you are not an attorney, you should consult an attorney about serious
legal matters.
