Tuesday, August 16, 2011

When is a pre or post marital agreement not enforceable in Virginia?

Virginia Code Section 20-151 provides that a premarital agreement is not enforceable if (1) it was not executed voluntarily or (2) it was unconscionable when executed and the person against whom enforcement is sought proves they were not provided a fair and reasonable disclosure of property or financial obligations of the other party or that they did not voluntarily and expressly WAIVE, in writing, their right to those disclosures. It is thus important that the Agreement contain exhibits showing assets and liabilities of each party or that a specific written waiver of that disclosure be provided. A refusal to provide the financial information can raise suspicions so if the parties are actually all in agreement regarding the terms of an agreement, it is best to include a list of assets and liabilities along with statements of net worth so there is no question of disclosure.

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