The stereotypical image of a prenuptial agreement is one signed between an aging tycoon and his fifth wife; it specifies the amount of alimony she will receive if they divorce, usually adding up to a small percent of his fortune, perhaps even less than his previous ex-wives got. The reality is much more complex than that. In fact, even as fewer and fewer Americans have a positive net worth, prenuptial agreements are becoming increasingly common among younger people.
Millennials may hate napkins and casual dining restaurant chains, but they seem to like prenups. Therefore, just because you can’t afford to serve avocado toast to a hundred guests at the brunch on the day after your destination wedding, it doesn’t mean that you have no use for a prenuptial agreement. If you are planning to get married and think that a prenuptial agreement will save you from an acrimonious divorce, contact a Greenville family law attorney.
What Is a Prenuptial Agreement?
A prenuptial agreement is a contract signed by a couple before they marry in which they formalize decisions about how their property will be divided after they divorce. In general, all income earned and assets purchased during marriage is marital property, and the court will divide it between the spouses if they divorce. In a prenuptial agreement, you can agree that certain assets, such as a house you bought before the marriage or a currently operating business that continues to provide income, will not become marital property. You can also agree on the amount and duration of spousal support the wealthier spouse will pay if the couple divorces.
Prenups for Broke Students
Just as prenups can specify which assets will not become marital property, they can also specify which debts will not become marital property. A reason for the popularity of prenups among the young generation is that so many young adults have burdensome student debt. Signing a prenup requires the couple to talk honestly and reach an agreement about how to deal with their debt. In this regard, prenups can even prevent divorce.
Prenups for Pet Lovers
Wouldn’t it be the ultimate betrayal if you raised your dog from when he was a puppy, house trained him, and taught him to heel, and then your spouse married you after a whirlwind courtship, only to divorce you a year later, taking the dog with her when she left? A prenup can prevent that problem, too; you can include provisions about animals that one spouse already owned before the marriage.
What Do Prenuptial Agreements Not Do?
Prenuptial agreements are not the place to make decisions about children that you will have together. Courts make all decisions about child support and child custody separately from the division of property and spousal support decisions.
Contact Briggs Law Firm About the Division of Property
If you have questions about prenuptial agreements or need advice on writing a prenuptial agreement that is conducive to the survival of your marriage, a family law attorney can help. Contact Briggs Law Firm in Greenville, South Carolina to discuss your case.
Sam Briggs embraces the challenge and stimulation of practicing, with the satisfaction of advocating for our clients to the best of our abilities. Alongside his father Larry, Sam Briggs has created a family and personal injury firm that focuses on creating and maintaining a close working relationship with their clients. The Briggs Law Firm lawyers will ensure that you are always diligently represented and look forward to zealously advocating on your behalf.