Which Couples Should Get a Prenuptial or Postnuptial Agreement?
- posted: Nov. 30, 2021
Given the high divorce rates in America, prenuptial and postnuptial agreements could be a wise choice for couples looking to avoid a potentially ugly divorce. While creating these documents may not be the most romantic part of a marriage, certain couples — particularly those with many assets coming into the marriage — will benefit from having one.
Aside from the wealthy and celebrities, there are other couples for which a prenuptial or postnuptial agreement may be beneficial. For instance, if one spouse owns a business or has significant property holdings or investment assets, that spouse may want to set out in the agreement the distribution of that property in case of a divorce.
Any spouse who is concerned about their property being split or taken from them in a divorce can benefit from a prenup or postnuptial. Additionally, if a spouse has children from a prior marriage, one spouse may want to protect assets that they intend to pass on to those children when they die.
In the event that one spouse is significantly wealthier than the other, that spouse may want to have an agreement at the outset about how marital assets are to be distributed in a divorce. Likewise, if one spouse has a considerable amount of debt, the other spouse may want assurances that the debt will not follow them should the marriage fail.
The agreement is not enforceable if one spouse did not sign it voluntarily or if it was grossly unfair to one spouse. Furthermore, a South Dakota court will not enforce the prenup if one spouse did not provide full disclosure of all assets and debts. Also, it is not enforceable if one spouse did not have adequate knowledge of the other spouse’s assets and debts.
Even if you don’t believe you need a prenuptial or postnuptial agreement because you have few assets, these documents are usually worthwhile because they can save you and your spouse from a bitter fight over the financial terms of your divorce, should you file for one.
If you think you need a prenuptial or postnuptial agreement, or your fiancée, partner or spouse wants one, the family law attorneys of Anker Law Group have extensive experience. To schedule a free consultation at our Rapid City office, please call 605-519-5967 or contact us online today.