Prenups are a practical device that serves an important role in any marriage. While marriage is certainly a commitment of love, it is also a legal commitment tying your life to another. That means sharing your bank accounts, retirement, and debts with one another.
A family law attorney in Lancaster, SC can help protect your interests. Prenups can address a wide range of marital issues, including some unforeseen consequences.
Prenups Aren’t Just for the Super Rich
Prenups and postnups have long had a reputation for being exclusive for top earners with a diversified investment portfolio. However, the truth is, prenups benefit everyone. In fact, a recent study has shown prenups have increased from 3% to 15% in the last decade.
A prenuptial agreement can help you communicate with your future spouse and have difficult but necessary conversations.
1. Force You to Make Financial Decisions Now
Impending nuptials always come with a laundry list of details and decisions. In the midst of choosing wedding venues and color schemes, financial decisions are often overlooked:
Should you have a joint bank account?
What are your savings goals?
Are you hoping to buy a house within the first few years of marriage?
Do you have plans to go back to school?
If you have children, will you both work, or will one stay home?
Do one or both of you have old debt?
How will you handle debt in the future?
Depending on your unique circumstances, there may be money-related questions you have not considered. Having a financially savvy family law attorney in Lancaster, SC can help.
2. Protect Non-Earning Parents
There are a few situations where one spouse may stay at home and will need financial protection. One spouse may become disabled and unable to work. Childcare is astronomically expensive. In many cases, parents may decide that it would be more frugal to have one parent stay home to care for the children.
While the choice of having one spouse stay home may be best for your family, non-earning spouses can find themselves at a disadvantage. Having a prenup can help you talk about how to handle retirement, health insurance, and major buying decisions should only one of you work.
3. Marriage Insurance
A prenuptial agreement also acts as marriage insurance. South Carolina has one of the lowest divorce rates in the country, at 2.4. However, prenups can act as a safety net should the relationship end. Spouses can:
Protect property and assets
Decide on spousal support
Protect against expensive legal costs associated with contested divorces
Avoid taking on the other spouse’s debt
Decide what to do with a family business
Prenuptial agreements can help you think and address important questions before the ceremony. However, if you have already tied the knot and find yourself wondering how to address marital issues, a postnuptial agreement may be a good option.
Postnuptial Agreement
According to recent studies, financial issues are the number one reason couples argue. Concerns about debt and money are also one of the leading causes of divorce. If you and your partner are experiencing difficulties communicating about financial matters, preparing a postnup can help air out issues and address concerns in a productive way. Attorney Barboza can help you create a postnup unique to your family.
Reach Out to an Experienced and Financially Savvy Prenuptial Agreement Attorney in Lancaster, SC
A prenuptial agreement can help prevent confusion and emotional turmoil by discussing and settling on important marital concerns before the nuptials. At Barboza Law, a Lancaster family law attorney can translate the wishes of both you and your spouse into a written agreement. They can also help guide the uncomfortable discussion in a positive and realistic way.
If you or your spouse are considering a prenuptial or postnuptial agreement, contact Attorney Barboza today. Schedule a consultation to discuss your unique matrimonial or family law concerns at (803) 973-6003.