Virginia Code 20-150: Content of agreement
Parties to a premarital agreement may contract with respect to:
Terms Used In Virginia Code 20-150
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Premarital agreement: means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. See Virginia Code 20-148
- Property: means an interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings. See Virginia Code 20-148
- Statute: A law passed by a legislature.
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;
4. Spousal support;
5. The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
6. The ownership rights in and disposition of the death benefit from a life insurance policy;
7. The choice of law governing the construction of the agreement; and
8. Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
1985, c. 434; 1986, c. 201.