Do I Need a Prenuptial Agreement?

Marriage begins with a vow and promise. Couples promise to love and support one another through the good times and bad, and vow to do so for the rest of their lives. In the first blush of love and on up through the excitement of getting engaged and planning the wedding, it is easy for both parties to get swept up in the romantic aspects of making one of life’s most major commitments. Couples often envision their lives through a filter of dreams: dreams of a home, a family, and a lifetime spent holding hands and meeting challenges together.  While this holds true in many circumstances, the fact is that a number of marriages that start off with high hopes and dreams end up in divorce. In light of this fact, one partner or the other may feel it is in their best interests to obtain a prenuptial agreement , protecting their assets in the event the marriage does not work out. Broaching the topic of a prenuptial agreement can be unpleasant and perceived as a demonstration of the person’s lack of faith or commitment to the marriage. At the same time, a prenuptial agreement is often a realistic way to protect your assets and prevent an ugly court battle in the event the marriage does not work out.

The Reality of Marriage and Divorce

Getting married is a something many people look forward to and, according to the American Psychological Association, roughly 90 percent of us will marry by the time we reach age 50. While many of us yearn to find someone to share our lives with, the reality is that relationships are not always easy. It takes strong communication skills and a willingness to confront and work through problems to ensure your marriage will last. While couples rarely enter into a marriage thinking it will fail, divorce rates in the United States indicate that 20 percent of marriages end in divorce within the first five years, and 48 percent of marriages fail by the 20-year mark. Acknowledging this reality prior to getting married is not being unromantic – it is being realistic.

The Need For A Prenuptial Agreement

A prenuptial agreement can be seen as the first step in maintaining honest and open communication between marital partners. Having a ‘prenup’ is less about your faith in the marriage as it is determining how you will handle the assets and debts that both you and your partner hold. There is no better time to discuss such matter than when both partners are in love and more inclined to be mutually supportive. The South Carolina courts acknowledge both the need and the practicality of a prenuptial agreement, and a pending bill in the legislature outlines the issues a prenuptial agreement can address , which include:

• The rights and obligations of each party in regards to property;
• Distribution of property or assets;
• Distribution of debt;
• The making of wills and trusts; and
• Ownership rights in life insurance policies;

While a prenup can address issues relating to potential alimony agreements, it cannot dictate terms for child custody or child support regarding children borne of the marriage. In order for it to be valid, both parties must enter into the prenuptial agreement willingly, and there must be full disclosure of any current and potential assets. Both parties are advised to seek individual legal counsel before signing any prenuptial agreement.

Let Our Office Help You Today

If you are contemplating marriage, consult with a skilled South Carolina family law attorney about prenuptial agreements today. Greenville attorney Lauren M. Taylor has experience in handling these types of sensitive matters, and can provide you the guidance you need on protecting the assets of both you and your fiancé. Serving the entire Upstate area, our office provides the legal representation you need, while looking out for your best interests.