Despite Recent Popularity, Are Prenups Enough?
This blog has previously noted that prenuptial agreements have becoming increasingly popular. But a South Carolina news article raises a very valid point: you may need more than a premarital agreement.
Although the article is aimed at seniors contemplating second (or later) marriages, much of the advice is relevant for people planning to marry at any age.
A couple of often-overlooked points are well worth repeating:
- If either party has separate premarital property that they want to remain separate marital property, they should treat it as separate property at all times
- Prenups aren’t just for divorce; they can govern what happens in the event of the death of either spouse too
- In fact, in some cases, the parties only want to address inheritance in the event of the death of either; in such cases, a waiver of spousal inheritance rights may be all that is called for
- A premarital trust may add teeth to either or both parties’ wishes
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