Legal Blog
Is a Prenuptial Agreement for You?
Legal Eagles: How Property is Viewed in Case of Divorce
You and your partner are getting married. Do you need a prenuptial agreement?
You might. For both LGBTQ and straight couples, getting married automatically creates certain legal rights and obligations between you and your spouse concerning “marital property.” That’s true whether the “marital property” is land and buildings or cars and jewelry.
The legal rights and obligations may be contrary to how you’d like your property to be distributed if you ever get divorced. That’s a reason to plan for the future if you want to retain control over your financial affairs should the worst happen.
A prenup, also called a premarital agreement, is a legally binding contract entered before marriage that gives you that control. Most commonly, premarital agreements resolve financial matters such as how property and spousal support will be handled should the marriage end in divorce. A prenup can waive any claims for alimony. Along with proper estate planning documents, a prenup can even outline what happens to financial interests, such as investments, when one spouse dies.
If you own real estate, investments, retirement accounts or some combination of the three; if you and your partner wish to keep your respective financial commitments and estates separated; or if you or your partner have children, then entering into a premarital agreement with your partner may be the wisest financial decision you will make.
Contrary to popular belief, prenups are not just for the wealthy. They can be used to address other financial concerns, however modest. A prenup can also lay out guidelines on other issues, such as management of property during marriage or, less typically, allocation of household responsibilities between the spouses.
Each state has laws that address how property will be handled and distributed between divorcing couples. In North Carolina, the law is called “equitable distribution.” Under equitable distribution, property is classified as “marital,” “separate” or “divisible.” Property that you bring into the marriage, or that you inherit or receive as a gift from someone other than your spouse, is your separate property. Your spouse has no legal claim to your separate property.
ABOUT ELIZABETH HODGES
elizabeth.hodges@offitkurman.com | 704.377.7213
Beth Hodges’ practice is devoted exclusively to family law. Her cases involve the litigation, negotiation, and settlement of simple as well as complex financial and non-financial issues and disputes.
In her family law practice, Beth handles equitable distribution, alimony, child support, and child custody cases, among others. Her cases also include drafting of premarital agreements, separation agreements, postnuptial agreements, parenting agreements and property settlement agreements. She has settled numerous cases through mediation and arbitration, in addition to resolving cases through litigation.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC