21 Nov Second Marriage Prenuptial Agreements In South Carolina
Prenuptial agreements (“prenups”) are definitely a tough topic to bring up with someone you love. After all, it’s hard to convince someone you love them and want to spend the rest of your lives together, while also asking them to sign a contract regarding what will happen if it all falls apart. It’s sort of like creating a contingency plan for an event that is meant to be forever. Nevertheless, as a practical matter, it’s a discussion you probably should have. Second marriage prenuptial agreements can make later marital issues much easier to tackle.
While South Carolina ranks 34th in the country for per capita divorce rates, the actual number of marriages that fail remains staggeringly high. Statistics on divorce can often be confusing and misleading. According to the Centers for Disease Control and Prevention’s National Center for Health Statistics (NCHS), there are about twice as many marriages as divorces each year. In 2015, there were 6.9 marriages per 1,000 population, yet about 3.1 divorces based on the same population. Yet the overall divorce rate is declining. The research tends to suggest that still about half of all marriages do end in divorce.
This number goes up with second, third, or subsequent marriages. About 70% of third marriages fail. This begs the real question: why shouldn’t couples consider a contingency plan?
What Is A Prenup?
A prenuptial agreement is a contract between two people that sets forth the terms of the marriage. A marriage is a lifelong commitment, much like starting a business, and it deserves just as much attention.
What Should Go In A Prenup?
First of all, when a marriage ends with a prenup in place, the court will always look to see if the prenup was fair and reasonable. So, the first step is to make sure the provisions are fair and balanced, based on the couple’s unique circumstances. Aside from that, it can include just about any of the following:
- Division of real estate, personal items, cash assets, retirement, investments, and debts
- Rights to buy or sell property
- The handling of rental properties and income
- How things will be handled if either spouse dies
- Maintenance and support issues (alimony)
- Ownership and control of business interests after divorce
- Right to receive life insurance proceeds after death
What Cannot Go In A Prenup?
There are some things you cannot put in prenup, however. Judges will generally not consider any provisions in a prenup that attempt to decide child custody, visitation, or support obligations in advance. The idea is that both decisions are up to a court to decide based on the “best interests of the child” at the time of divorce.
Using A Prenup For Second Marriages
Since the risk of divorce seems to go up the more marriages a person has, it makes even more sense to have a prenup when getting remarried. This is also true because many people marrying later in life have acquired assets, debts, and other obligations during earlier marriages, and they may wish to protect these interests.
Say, for instance, a person built wealth and had children during a first marriage. Later in life, however, he or she remarries. There may be a desire to ensure that if the second marriage fails, the bulk of that wealth is preserved for the children rather than being taken by the new spouse. After all, he or she may have only known the new spouse for a few years. Second marriage prenuptial agreements can be immensely helpful in situations such as this one.
Hire A Prenup Lawyer In South Carolina
If you are contemplating a late-life marriage, looking for a way to set forth your marriage contract, or interested in how second marriage prenuptial agreements can help make life easier, contact Klok Family Law, LLC to discuss your unique situation. Get compassionate and caring advice from attorneys who understand marriage and understand how to use the law to build a stronger tomorrow for you and the one you love.