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Traits of an Enforceable Prenuptial Agreement

In Relationships, Separation & Divorce by Elizabeth Stephenson

While planning for marriage is an unbelievably exciting time in a person’s life, it is important to make good, sensible decisions in the process. An unfortunate number of marriages end in divorce, and sometimes, those who find themselves in that position wind up wishing they had better protected themselves. This is why couples choose to enter into prenuptial agreements. What Are Prenuptial Agreements? Prenuptial agreements are contracts between people who are about to enter into marriage, which can address financial matters between the couple in the event of a divorce. This may include the classification of property as separate property, how property will be divided, what happens to property upon the death of a spouse, or the amount and duration of spousal support. The existence of an agreement can save …

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Protecting Your Property When You Remarry

In Separation & Divorce, Wealth by Carly Baker

If you have been divorced and plan to remarry, it is natural to want to proceed with caution. This statement holds special weight if you have been previously burned by the property division or alimony elements of a divorce. Fortunately, there are smart steps that you can take to protect yourself from repeating that history, which can give you the confidence to take the fantastic leap of getting married again. North Carolina is an Equitable Distribution State North Carolina is an “equitable distribution” state, meaning that a court will add the total market value of a couple’s marital property and distribute it between the spouses in accordance with specific statutory factors. Significantly, separate property—which is generally property that a spouse owns prior to the marriage—is not subject to this distribution. …

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Can a Prenuptial Agreement be Amended?

In Separation & Divorce by Elizabeth Stephenson

Prior to a marriage, some couples choose to enter into a prenuptial agreement. This is an agreement that can preemptively address matters like property division, the classification of present or future property or assets as separate (instead of marital) property, spousal support and alimony, how debt will be paid, and many others. These agreements are meant to provide certainty in case the couple separates or divorces, so that the spouses do not get caught up in long and expensive litigation if the marriage ends. A prenuptial agreement is a contract that takes effect upon the couple’s marriage. Therefore, if it meets all of the technical requirements, the contract becomes legally enforceable, and if either spouse does not follow its provisions in the future, the other party can file a lawsuit …

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Prenuptial Agreements Protect Both Partners

In Separation & Divorce, Wealth by Elizabeth Stephenson

Whenever celebrities or powerful public figures announce a divorce, people flock to TMZ or other gossip sites to see if there was a prenuptial agreement (or prenup). The general idea behind this fascination is that without a prenuptial agreement, all of the marital property earned and acquired during a marriage is subject to getting spilt in half between the parties. So, when a super-wealthy pop singer marries, then divorces her backup dancer husband without a prenup, the headline becomes: pop singer loses half her fortune in divorce. Unfortunately, these headlines are misleading as they ignore the fundamental idea behind marital property—that both spouses make a balanced contribution to the marriage, household, and children. In addition, they create a one-dimensional picture of what prenuptial agreements are actually used for in practice. …

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Prenuptial Agreements: Not Just for Celebrities

In Relationships, Separation & Divorce by Elizabeth Stephenson

Marriage is a great adventure, a commitment, and an affirmation of love. It is supposed to be a new beginning that lasts for the rest of our days. Unfortunately, as much as we want to believe that all couples will live happily ever after, as divorce attorneys we can honestly say that marriage can be a risky proposition for some couples. Marital relationships can be filled with trust issues, infidelity, financial problems, physical and emotional abuse, and substance abuse. Sometimes, these issues and behaviors seem to come out of nowhere after the wedding. This is why a prenuptial agreement may be worth considering. What is a Prenuptial Agreement? A prenuptial agreement is a contract between a couple that is prepared and executed prior to their marriage. It basically allows for …

Do I Need a Prenuptial Agreement?

In Wealth by Elizabeth Stephenson

Prenuptial agreements. You hear about them every time a Kardashian or some wealthy celebrity gets married, then divorced. Did Kim Kardashian have a “prenupt”, or is her ex going to walk away with half of her money? Contrary to the ideas that we’ve formed from television and the news, prenuptial agreements are not just for the super-wealthy. In fact, a prenuptial agreement may be a sound option for you. Prenuptial agreements in North Carolina are contracts between couples entered into prior to marriage. These contracts attempt to resolve financial issues in the event that the marriage dissolves. The agreements must meet the requirements of specific statutes to be legally valid. The purposes of a prenuptial agreement are to: Create a legally binding contract that specifies assets as “separate property” that …