PREMARITAL AGREEMENT
(Commonwealth of Virginia)
Table of Contents
- Document Header
- Definitions
- Operative Provisions
3.1 Separate Property
3.2 Marital Property
3.3 Management & Control
3.4 Spousal Support
3.5 Death & Estate Planning
3.6 Debts & Liabilities
3.7 Taxes
3.8 Disclosure Schedules - Representations & Warranties
- Covenants & Restrictions
- Default & Remedies
- Risk Allocation
7.1 Mutual Indemnification
7.2 Limitation of Liability
7.3 Force Majeure - Dispute Resolution
- General Provisions
- Execution Block
- Exhibits & Schedules
1. DOCUMENT HEADER
This Premarital Agreement (this “Agreement”) is made and entered into as of [DATE] (the “Effective Date”), by and between:
• [PARTY A FULL LEGAL NAME], residing at [ADDRESS] (“Party A”); and
• [PARTY B FULL LEGAL NAME], residing at [ADDRESS] (“Party B,” and together with Party A, the “Parties,” and each a “Party”).
Recitals
A. The Parties contemplate legal marriage in the Commonwealth of Virginia on or about [WEDDING DATE].
B. Pursuant to Va. Code Ann. §§ 20-147 et seq. (Virginia Uniform Premarital Agreement Act) (the “VUPAA”), the Parties desire to establish their respective rights and obligations in property, income, and support, both during and after their contemplated marriage.
C. Each Party has made a full and fair disclosure of assets, liabilities, and income to the other Party, or has knowingly and voluntarily waived such disclosure.
D. The Parties enter into this Agreement freely, voluntarily, and upon independent advice of counsel of their own choosing, or after knowingly waiving such counsel.
NOW, THEREFORE, in consideration of the mutual covenants herein and the upcoming marriage of the Parties, and intending to be legally bound, the Parties agree as follows:
2. DEFINITIONS
For purposes of this Agreement, capitalized terms have the meanings set forth below:
“Affiliate” means, with respect to a Party, any entity that directly or indirectly controls, is controlled by, or is under common control with such Party.
“Arbitrable Dispute” has the meaning set forth in Section 8.3.
“Disclosure Schedules” means the asset, liability, and income schedules attached hereto as Schedules 1-A and 1-B.
“Effective Date” has the meaning given in the Document Header.
“Marital Property” has the meaning assigned in Section 3.2.
“Separate Property” has the meaning assigned in Section 3.1.
“VUPAA” means the Virginia Uniform Premarital Agreement Act, Va. Code Ann. §§ 20-147 to 20-155.
[// GUIDANCE: Add additional defined terms only if used three or more times.]
3. OPERATIVE PROVISIONS
3.1 Separate Property
(a) Definition. “Separate Property” means any property, real or personal, tangible or intangible, currently owned or hereafter acquired solely in the name of one Party, including:
(i) all assets listed under such Party’s name in the Disclosure Schedules;
(ii) any property acquired in exchange for Separate Property;
(iii) income, rents, profits, appreciation, or proceeds generated from Separate Property; and
(iv) gifts or inheritances received solely by such Party.
(b) Ownership & Control. Each Party shall have the exclusive right to manage, encumber, transfer, or dispose of his or her Separate Property without the consent of the other Party.
(c) Commingling. Commingling of Separate Property with Marital Property shall not, by itself, convert Separate Property into Marital Property unless expressly re-titled in joint names and accompanied by written intent to gift.
3.2 Marital Property
(a) Definition. “Marital Property” means property titled jointly in the names of both Parties after the Effective Date and expressly designated as “Marital Property” in contemporaneous writing.
(b) Presumption. All property not falling within the definition of Separate Property shall be presumed Separate Property unless the Parties execute a written designation to the contrary.
(c) Division Upon Dissolution. In the event of divorce or annulment, Marital Property shall be equitably divided by mutual agreement or, absent agreement, as determined by the Circuit Court for [COUNTY/CITY], Virginia (the “Court”).
3.3 Management & Control of Marital Property
(a) Joint Decision-Making. Material decisions (defined as transactions exceeding $[THRESHOLD]) regarding Marital Property require mutual written consent.
(b) Deadlock. If the Parties cannot agree within 30 days, either Party may invoke the dispute-resolution mechanism in Section 8.
3.4 Spousal Support
(a) Waiver. Each Party irrevocably waives spousal support, maintenance, and alimony, whether temporary or permanent, except as provided in subsection (b).
(b) Limited Exception. If enforcement of the waiver would render a Party eligible for public assistance, the Court may award support to the extent necessary to avoid such eligibility, consistent with VUPAA § 20-150(3).
[// GUIDANCE: Modify or delete subsection (a) if Parties do not wish to waive support.]
3.5 Death & Estate Planning
(a) Elective Share Waiver. Each Party irrevocably waives all rights to the elective share, omitted spouse share, homestead allowance, family allowance, and exempt property under Va. Code Title 64.2.
(b) Wills & Trusts. The Parties shall execute estate-planning instruments consistent with this Agreement within 90 days after marriage.
(c) Life Insurance. Each Party shall maintain life insurance naming the other Party as [primary/contingent] beneficiary in the amount of $[AMOUNT].
3.6 Debts & Liabilities
(a) Separate Debts. Debts incurred in the name of one Party only shall remain the sole responsibility of that Party.
(b) Joint Debts. Debts jointly incurred or expressly designated as joint shall be borne equally unless otherwise agreed in writing.
3.7 Taxes
(a) Filing Status. The Parties shall determine annually whether to file joint or separate federal and state income tax returns, taking into account tax efficiency and mutual benefit.
(b) Tax Liability Allocation. Any joint tax liability shall be shared in proportion to each Party’s individual tax liability, calculated as if each had filed separately.
3.8 Disclosure Schedules
The Disclosure Schedules, delivered contemporaneously with this Agreement, fairly and accurately list each Party’s assets, liabilities, and income as of the Effective Date.
[// GUIDANCE: Attach updated schedules immediately prior to signing.]
4. REPRESENTATIONS & WARRANTIES
Each Party represents and warrants to the other that:
4.1 Capacity. Such Party is at least eighteen (18) years old and under no legal disability.
4.2 Voluntariness. This Agreement is executed freely and voluntarily, without undue influence, duress, or fraud.
4.3 Legal Counsel. Such Party has had the opportunity to consult independent legal counsel of his or her own choosing.
4.4 Full Disclosure. Such Party has provided full and fair disclosure of all material assets, liabilities, and income, or has expressly waived such disclosure in writing.
4.5 No Conflict. Execution and performance of this Agreement do not breach any other agreement or court order binding upon such Party.
4.6 Accuracy. All information in the Disclosure Schedules is true, correct, and complete in all material respects.
4.7 Survival. The representations and warranties in this Section survive execution and remain in effect through enforcement.
5. COVENANTS & RESTRICTIONS
5.1 Further Assurances. Each Party shall execute and deliver any additional documents reasonably necessary to carry out this Agreement.
5.2 Notice of Changes. Each Party shall notify the other in writing within thirty (30) days of any material change in assets, liabilities, or employment status.
5.3 Non-Alienation. Neither Party shall transfer or encumber Marital Property to defeat the purpose of this Agreement.
5.4 Confidentiality. Except as required by law or court order, the terms of this Agreement and the Disclosure Schedules shall remain confidential.
5.5 No Encouragement of Divorce. The Parties acknowledge this Agreement is not intended to incentivize dissolution of the marriage.
6. DEFAULT & REMEDIES
6.1 Events of Default. Any of the following constitutes a default:
(a) Material breach of any covenant, representation, or warranty herein;
(b) Failure to deliver required schedules or documents within applicable time frames;
(c) Transfer of property in contravention of Section 5.3.
6.2 Notice & Cure. The non-defaulting Party shall provide written notice citing the specific default. The defaulting Party shall have fifteen (15) days to cure, or such longer period as the Parties may agree in writing.
6.3 Remedies.
(a) Specific Performance. The Parties acknowledge damages may be inadequate; therefore, the non-breaching Party is entitled to specific performance or injunctive relief.
(b) Monetary Damages. To the extent specific performance is unavailable, the non-breaching Party may recover direct damages, capped as set forth in Section 7.2.
(c) Attorney Fees. The prevailing Party in any enforcement proceeding shall be entitled to reasonable attorney fees and costs.
7. RISK ALLOCATION
7.1 Mutual Indemnification
Each Party (the “Indemnifying Party”) shall indemnify, defend, and hold harmless the other Party and his or her Affiliates from any losses arising out of the Indemnifying Party’s breach of this Agreement or misrepresentation herein.
7.2 Limitation of Liability
Except for (i) fraudulent misrepresentation, or (ii) willful breach, each Party’s aggregate liability under this Agreement shall not exceed the fair market value of such Party’s Separate Property as of the date of judgment.
[// GUIDANCE: Adjust cap or carve-outs to align with client objectives.]
7.3 Force Majeure
Neither Party shall be liable for non-performance caused by events beyond reasonable control, including acts of God, war, or governmental action, provided such Party gives prompt notice and uses commercially reasonable efforts to resume performance.
8. DISPUTE RESOLUTION
8.1 Governing Law. This Agreement and any dispute arising hereunder shall be governed by the domestic-relations laws of the Commonwealth of Virginia.
8.2 Exclusive Forum. Subject to Section 8.3, the Parties consent to exclusive jurisdiction and venue in the Circuit Court of [COUNTY/CITY], Virginia (Family Law Division).
8.3 Limited Arbitration. Any “Arbitrable Dispute” (meaning solely property valuation or interpretation of accounting provisions) shall be submitted to binding arbitration under the rules of the American Arbitration Association (“AAA”). Matters concerning child support, child custody, or other non-arbitrable family-law issues are expressly excluded.
8.4 Procedure. Arbitration shall occur in [CITY], Virginia before a single arbitrator with at least ten (10) years’ family-law experience. The arbitrator may award specific performance but shall have no authority to modify this Agreement.
8.5 Interim Relief. A Party may seek provisional equitable relief from the Court to maintain the status quo pending arbitration.
8.6 No Jury Trial. The Parties knowingly waive any right to trial by jury to the extent a jury would otherwise be available in family-law proceedings.
9. GENERAL PROVISIONS
9.1 Amendment & Waiver. This Agreement may be amended only by a writing signed by both Parties. No waiver shall be effective unless in writing and signed by the waiving Party.
9.2 Assignment; Delegation. Neither Party may assign or delegate rights or duties under this Agreement without the prior written consent of the other Party.
9.3 Successors & Assigns. This Agreement binds and inures to the benefit of the Parties and their respective heirs, personal representatives, and permitted assigns.
9.4 Severability; Reformation. Any invalid provision shall be severed and the remainder construed to effectuate the Parties’ intent.
9.5 Integration. This Agreement constitutes the entire understanding of the Parties and supersedes all prior agreements, oral or written, relating to the same subject matter.
9.6 Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each deemed an original, and signatures delivered electronically (e.g., PDF, DocuSign) are binding.
9.7 Headings. Headings are for convenience only and do not affect interpretation.
9.8 Effective Upon Marriage. Pursuant to VUPAA § 20-148, this Agreement becomes effective upon solemnization of the Parties’ marriage.
10. EXECUTION BLOCK
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.
[PARTY A NAME]
Date: _______
[PARTY B NAME]
Date: _______
COMMONWEALTH OF VIRGINIA
CITY/COUNTY OF ____, to-wit:
Subscribed, sworn, and acknowledged before me this ___ day of _, 20_, by ____ and ________.
Notary Public
My Commission Expires: _
Notary Registration No.: _
[// GUIDANCE: Virginia does not mandate witnesses for prenups, but parties may add witness lines below for additional evidentiary support.]
11. EXHIBITS & SCHEDULES
Schedule 1-A: Party A Asset, Liability & Income Disclosure
Schedule 1-B: Party B Asset, Liability & Income Disclosure
Exhibit A: Written Waiver of Additional Financial Disclosure (if applicable)
Exhibit B: Written Acknowledgment of Independent Legal Counsel
[// GUIDANCE:
1. Attach completed schedules before signing; ensure notarization occurs after all blanks are filled.
2. Confirm that execution occurs well in advance of the wedding date to avoid undue-duress claims.
3. Retain duplicate originals for each Party and counsel.
4. Consider recording a memorandum of this Agreement with local land records if significant real property is involved.
]