Many assume prenuptial agreements are used only by those with significant wealth; however, having a prenup not only simplifies an unforeseen divorce, but also clarifies which assets and debts were intended to remain non-marital. South Carolina recognizes a one-third (1/3) elective share, meaning that even if a party excludes a spouse from his/her Will, the spouse is still eligible to claim a one-third (1/3) share of the deceased spouse’s probate estate. A prenup allows parties to waive any claim to an elective share if they so choose. Also, if the parties’ intentions are not clear, a valid argument may be made that an asset has transmuted into marital property due to a party co-mingling that asset with marital assets. A prenup can clarify that while a party intends to use the earnings generated by an asset for the benefit of the marriage, it is the party’s intent that the principal remain separate property so that 100% of that asset is available for the owner’s beneficiaries.
Attorney Reed Swearingen drafts all prenuptial agreements on behalf of Archer Swearingen. Reed has over 16 years of business experience outside the practice of law, holds an advanced degree in accounting, and has passed the Uniform CPA Exam.
If you have the need for a prenuptial agreement, we invite you to schedule an appointment. You may do so through the link below or by calling our office at your convenience.
We look forward to working with you.