The Role of Prenuptial Agreements in Protecting Family Heirlooms and Assets

No one ever thinks they will need any prenuptial agreements, which is why they’re still relatively uncommon among engaged couples. However, with roughly half of all marriages ending in divorce, a prenup can protect the things that you hold near and dear to your heart. Of course, in many cases, this means real estate, savings accounts, and inheritances. But it can also include family heirlooms, antiques, and family assets that were intended to stay within the family.

Wondering how a prenup could protect your best interests as you prepare for marriage? Let the family law team at Kirk Drennan Law walk you through it. Give us a call at 205-953-1424 to get started.

Prenuptial Agreements in Alabama

Prenups are governed by state law, but Alabama’s requirements are relatively similar to those used in other states. With a prenuptial agreement, both parties must disclose their assets and debts prior to becoming married. From there, they can determine how those and other assets and debts will be split up in the event of divorce.

For example, if one spouse has significant student debt, a prenuptial agreement may require them to take all of that if they divorce. If one party has an inheritance that makes them independently wealthy, it’s not uncommon to specify that the inheritance will remain their separate property during a divorce.

There are limitations to prenuptial agreements in Mobile, AL. You cannot decide on child custody and child support, because both of those involve any children you may share. Those children, whether or not they exist yet, have their own rights—and you cannot waive them in a contract like this. The court makes child support and custody decisions based on the child’s best interests, and they do that when divorce occurs—not before.

Protecting Your Heirlooms and Assets

Family heirlooms often have far more personal (and sometimes economic) significance than other assets. Heirlooms generally have rich stories tied to them, and those stories are lost once the heirloom exits the family. But without a prenup, that is a very real possibility. Even if the party who wants the heirloom was not the one who originally owned it, they may fight for it in an effort to hurt their ex.

Other family assets may also be included in a prenuptial agreement. Consider, for example, a family business. Family businesses are built with blood, sweat, and tears. Losing a chunk of a business to someone leaving the family can be devastating. A strong prenup will often specify that a party’s share of a family business remains their sole property if divorce occurs.

Including Heirlooms and Family Assets in a Prenup

It’s essential to work with a Mobile, AL attorney with extensive experience with prenuptial agreements if you have assets and heirlooms you’d like to protect. If these assets are extremely valuable, go one step further and look for a high-net-worth divorce lawyer. Small oversights could lead to serious issues down the road and force you to give up the heirlooms and assets that mean so much to you.

You’ll likely begin with a full inventory of the assets and heirlooms in question. Be as specific as possible. You may also need to seek a fair valuation for each one. Keep copies of everything and provide copies to your attorney.

Important Considerations

There are situations in which a prenuptial agreement is declared null and void. Protect yourself from this outcome by working with an experienced attorney.

There are multiple ways a prenup may be unenforceable. First, if one party hid or concealed assets, the other party may have entered the agreement without a full picture of the other party’s financial situation. This is considered fraud. The court will also look into whether or not the prenup was signed under duress. If there’s any sign that coercion or duress played a role, that may be a red flag. Finally, the prenup must be fair and equitable. If it gives one party everything and leaves the other without what they need to survive, the court may deem it unenforceable.

Considering a Prenuptial Agreement in Mobile, AL? Contact Kirk Drennan Law Today

Wherever you are in the wedding planning process, the team at Kirk Drennan Law is here to help you with your prenuptial agreement. To schedule your consultation now, get in touch online or call us at 205-953-1424.

The Role of Prenuptial Agreements in Protecting Family Heirlooms and Assets

Discover how prenuptial agreements safeguard family heirlooms and assets, ensuring their protection and clarity in case of divorce or separation.

Service Type: Family law attorney