The Role of Prenuptial Agreements in Protecting Family Heirlooms and Assets

If you’re about to get married, you have a lot on your mind—and on your to-do list. If you have family heirlooms and valuable assets, it’s time to consider protecting them with a prenuptial agreement. While this may not be the most fun or romantic part of wedding planning, it’s something that can save you a ton of time, money, and stress should the worst happen down the road.

Find out how a prenuptial agreement can protect your assets in a variety of situations. When you’re ready to discuss your legal needs in greater detail, call Nowell Law Firm at 864-469-2481.

Elements Included in Prenuptial Agreements

Prenuptial agreements in South Carolina can include a wide range of elements, depending on the assets and debts of both parties and their goals when it comes to creating an agreement. When your primary goal is to protect family heirlooms and assets, your attorney will build your prenuptial agreement around that. Your agreement should outline both parties’ debts and assets. Your prenuptial agreement can also specify how property brought into the marriage and earned during the marriage will be divided should the couple divorce. This is where you want to be specific and explicit about your family assets.

Other elements utilized in prenups include spousal support and alimony agreements, information regarding how inheritances will be split, methods of dispute resolution in the event of a divorce, and both parties’ rights. However, a prenuptial agreement cannot dictate child support or child custody.

Protecting Your Family Assets and Heirlooms

South Carolina, like most others, is an equitable distribution state. This means that assets acquired during a marriage will be split up in a way that is fair, rather than in a way that is equal—while community property states assume a 50/50 split, South Carolina courts split assets after considering a wide range of factors.

This can inadvertently put someone with substantial assets at a disadvantage. Family assets may become commingled if both parties contribute to their upkeep, if both parties benefit from them, or if they are mixed with marital assets. This can give one spouse the chance to claim part of these assets in a divorce. A legally enforceable prenuptial agreement will ensure that this does not happen and keep family assets within the family.

A strong prenuptial agreement can protect a variety of family heirlooms and assets, including but not limited to:

• Real estate: Ancestral homes, vacation homes, and other types of real estate can be protected with a prenuptial agreement.
• Financial assets: This category includes bank accounts, investments, retirement accounts, and bonds.
• Personal heirlooms: This is a top priority for many families; while lost financial assets may eventually be replenished after a divorce, family jewelry, artwork, and heirlooms can never be replaced.
• Businesses: Family businesses are an important source of income, as well as a core part of a family’s legacy—so they are often heavily protected in prenuptial agreements.
• Inheritances: While inheritances are already generally considered separate property, specifying that in a prenuptial agreement gives added protection.
• Intellectual property: Copyrights, trademarks, and patents can have significant financial value. A prenuptial agreement can keep these valuable assets within the family.

Limitations of Prenuptial Agreements

While a prenuptial agreement can do a lot to protect your financial wellbeing and assets, they don’t allow you to dictate everything in a divorce. You cannot decide child custody and child support in a prenuptial agreement, as these decisions must be made in the best interests of a child; they cannot be dictated by the terms of a contract signed by the parents. Furthermore, a prenuptial agreement cannot be so unfair that the court deems it unenforceable. This is why it’s so important for both parties to have their own attorneys representing them. Finally, a prenuptial agreement cannot be enforced if it was signed under duress.

Get Help With Your Family Law Issues—Contact Nowell Law Firm

Wondering how a prenuptial agreement could protect your financial status and assets? Let’s sit down and talk about your next steps. Schedule a consultation with the team at Nowell Law Firm now. Just call us at 864-469-2481 or fill out our online contact form to have someone contact you directly.