Most people want to believe their marriage will last forever. The last thing two people who are in the middle of planning a wedding want to think about is divorce. Yet, statistics indicate that over half of all marriages end in divorce. There are certain common misconceptions. Often people incorrectly believe that spousal support is only awarded in long marriages, and the things you owned prior to a marriage cannot be claimed by your spouse in a divorce. Many military personnel are under the mistaken idea that their spouse is only entitled to a percentage of their pension if they are married for 10 years.

Spousal Support

Courts often award spousal support to women, even if they have a short marriage and no children, based solely on the fact that the woman makes less money than the man. Many courts will award a spouse a percentage of the equity in the house even if that spouse's name is not on the house, because that spouse lived in the house when it appreciated in value. Furthermore, many courts will award a military spouse a percentage of the pension even if the marriage is less than ten years. The best way to protect your income and assets is with a premarital agreement.

Asset Distribution

Many people believe that if their assets are in their name only, or if they were acquired prior to marriage, then that asset remains solely theirs in the event of a divorce. However, this is not the case. If you were to acquire an asset prior to marriage and that asset were to increase in value during the marriage due to normal appreciation, sweat equity, or additional financial contribution by the other party, then that asset could become a marital asset that your spouse could lay claim to in a divorce.

Premarital Agreements

A premarital agreement is a written contract that two persons enter into prior to becoming married. The premarital agreement is used primarily to protect the assets of one or both spouses in case of a divorce. The premarital agreement can stipulate which spouse keeps particular assets, including but not limited to houses, equity, businesses, investments, stocks, bonds, retirement plans, and more. The premarital agreement can also state that spousal support will not be required of one or both spouses in the event of a divorce or separation.

A premarital agreement can address the following:

1. division of assets (including houses, pensions, investments, businesses, etc.),

2. spousal support,

3. how assets will be used during the marriage,

4. how household expenses will be divided,

5. how property will be acquired, titled, and transferred, and

6. division of assets upon death.

A premarital agreement cannot address child custody or child support issues and cannot set or waive child support. The Virginia Premarital Agreement Act was passed in 1985 giving validity to all properly drafted premarital agreements. The premarital agreement must be drafted properly, and with certain disclosures, in order for it to be enforceable and effective.

The Law firm of John W. Lee, P.C. can help you protect your income and assets with a premarital agreement for only $500.00*. Please call 896-0868 to schedule an appointment to meet with an attorney today.

*Premarital agreements for estates over one million dollars may cost slightly more.