Prenuptial Agreements: What You Should Know
Among the most memorable life experiences are falling in love, getting engaged, and eventually getting married to your sweetheart. However, staying in love requires extra effort. While hoping for a long-lasting relationship, you can also prepare for an unanticipated marital breakdown alongside. A marital agreement offers an excellent way to protect your assets and finances, define expectations, achieve financial security and peace of mind. A bright South Carolina family law attorney can help you understand everything you need to know about prenuptial agreements.
At Duncan and Nobles LLC, we enjoy providing knowledgeable direction and advocacy to clients in the legal matters of marital agreements. As your team, we can inform you about what prenups cover, guide you through the steps involved in drafting one, and ensure that it is valid and legally enforceable. Our firm is proud to serve clients across Rock Hill, South Carolina, and surrounding areas throughout Chester and Lancaster counties.
What Is a Prenuptial Agreement?
A prenuptial agreement – also known as a prenup or premarital agreement – is a marital agreement that engaged couples enter into before tying the knot. The prenup helps clarify each spouse's rights and indicates how the couples' assets, property, and finances will be distributed in the event of a marital breakdown or when one spouse dies.
What Can Prenuptial Agreements Do?
A premarital agreement can help you and your spouse achieve the following:
Plan for future uncertainties.
Define how finances, living expenses, and household bills will be managed or shared.
Determine asset division in the event of a divorce or separation.
Protect your estate plans.
Clarify the duties, responsibilities, and expectations of each spouse.
Protect either spouse against possible liabilities or debts incurred by the other party.
Make sufficient provisions for minor children from a previous marriage or relationship.
Ensure that family business and property stay within the family.
What Don't They Cover?
However, while a prenuptial agreement helps you achieve a lot of things, it doesn't cover the following:
Details about personal matters
The premarital debts of either spouse
Child custody or visitation matters
Relinquish alimony or spousal support rights
Child support matters
Provisions about anything unlawful, illegal, or against public policy
A well-read attorney can walk you through the process of drafting your prenuptial agreement and make sure all necessary details are covered.
Can They Be Modified?
Yes, modifying a premarital agreement is possible once both parties agree to it. To modify or "re-up a prenup," you can either:
Add to the original contract, or
Sign a separate agreement which changes the terms and provisions of the existing contract.
Your legal counsel has the resources to draft an addendum to the original prenup. You and your spouse must witness and rightly sign the new premarital agreement. Once signed, the new terms will automatically become a part of the agreement, and all new modifications will reflect.
Who Should Get One?
What's more, you should consider getting a prenup if any of the following applies to your personal situation.
You or your spouse are bringing property and assets into the marriage.
You or your spouse are remarrying.
You or your spouse have children from a previous marriage or relationship.
You or your spouse are coming into the marriage with significant liabilities or debts.
One spouse is much wealthier or poorer than the other party.
However, prenuptial agreements aren't only for individuals who are wealthy, rich or think they may seek a divorce later. Whether you have significant assets, small assets, or a business, you and your fiancé or fiancée can benefit from getting a prenup. A practiced lawyer can help draft your prenup and ensure it is enforceable.
Making Sure it's Enforceable
Furthermore, under South Carolina law, for a prenup to be valid and enforceable, it must meet the following conditions:
There must be full and fair disclosure of assets, liabilities, and income.
The agreement must be written and signed by both spouses.
The agreement must be fundamentally fair to both spouses.
Each spouse must have their independent legal counsel review the prenup.
The terms of the prenup must not promote divorce or separation.
A competent family law attorney can help review or draft the necessary documentation and ensure that the prenuptial agreement is valid, legally binding, and enforceable.
Legal Advice You Can Trust
As you plan to marry your significant other, both of you can benefit from having a prenuptial agreement. At Duncan and Nobles LLC, we have the diligence, expertise, and resources to advise and guide clients through the complexities involved in drafting marital agreements. Our skilled attorneys can enlighten you about the benefits of a prenuptial agreement, what they cover, and what they don't cover.
Additionally, we will determine the best way to help protect your accumulated assets, property, children, finances, and future. Above all, our trusted team will help ensure that the premarital agreement is legally valid, fair to both parties, and meets all necessary legal requirements.
Preparing for life's uncertainties is essential. Contact Duncan and Nobles LLC today to schedule a straightforward consultation with professional prenuptial agreements attorneys. Our strategic lawyers have the personalized legal direction, advocacy, and assistance you need to navigate intelligent decisions when drafting marital agreements. We're proud to serve clients across Rock Hill, South Carolina, and surrounding areas throughout Chester and Lancaster counties.