The Role of Prenuptial Agreements in Protecting Family Heirlooms and Assets

Prenuptial agreements can be a difficult topic to bring up after getting engaged, but drafting a fair and equitable prenup can serve both parties’ best interests. No one gets married expecting to divorce, but it is truly impossible to tell what the future will bring. If the impossible happens and your marriage does end in divorce, you don’t want it to get messy and expensive.  

A prenuptial agreement can set clear expectations and boundaries, making it easier if you do eventually divorce. Prenuptial agreements are especially important if you have family heirlooms or assets that are important to you. Whether they have financial or sentimental value to you, you can use a prenup to protect them. 

If you’re considering a prenuptial agreement for your upcoming marriage, it’s time to meet with the team at Coumanis & York. Our team of Mobile, AL divorce attorneys is here to guide you through this process. Call us at 251-336-3491 to set up a consultation now. 

Identifying and Valuing Family Assets and Heirlooms      

Before you begin drafting and negotiating a prenuptial agreement, you’ll need to do a thorough inventory of your family assets and heirlooms. This also means you’ll need to secure a fair valuation for each asset. A big part of a prenuptial agreement is full and honest disclosure. If you estimate each asset’s value, you risk being inaccurate.  

Imagine that you estimate an asset’s value at $1,000, only to find out when it’s time to divorce that it’s worth $50,000. Such a significant discrepancy could lead the other party to claim that they were misled during the drafting and negotiating process. 

This part may take some time, so start well before your wedding date. This is especially true if you have niche assets, family business interests, or rare assets. These all require expert assistance. 

Negotiating Your Prenuptial Agreement       

For a prenuptial agreement to be fair and enforceable, both parties must be fully informed as to what they are accepting and what they are giving up. This is why it’s beneficial for both parties to have their own legal representation. Even if the agreement seems fair at a glance, prenups include legal language that can be difficult for a layperson to understand. It’s particularly important for the person giving things up—alimony or a share of assets—to know what they are agreeing to and have a chance to negotiate. 

For some couples, the first draft of a prenuptial agreement is a final one. If the party with the greater share of assets only has fair requests and doesn’t seek to strip the other of everything they could get during standard divorce proceedings, there may not be much to negotiate. But if they have egregious requests that would essentially leave their spouse impoverished after divorce, that’s unlikely to stick. Not only is the other party unlikely to sign it, but an Alabama court is unlikely to enforce it. As you head into negotiations, know what your bottom line is, where you have room to negotiate, and what isn’t important to you. 

The Benefits of a Prenuptial Agreement When You Have Family Assets      

Having a prenuptial agreement in place can offer several benefits when family assets are involved. First, it makes it very clear what will happen to family assets and heirlooms should the marriage end in divorce or death. This can save both sides money if a divorce does happen, as there’s little to negotiate or debate. Second, a well-written prenup can prevent family assets from being split up in a Mobile, AL divorce.  

While these assets are generally considered separate anyway, it is fairly easy for them to become commingled—and at that point, they become marital property. Finally, the process of negotiating a prenup can be an eye-opener for an engaged couple. They may realize that they have strong communication skills and are well-prepared for married life, that they need some marriage counseling to get them started on the right foot, or that they have such wildly different belief systems that marriage simply doesn’t make sense. In all of these situations, both parties benefit. 

Ready to Start Work on Your Prenup? Call Coumanis & York      

If you’re ready to begin drafting a prenuptial agreement, it’s time to set up a consultation with our prenuptial agreements lawyer in Mobile, AL. Give our firm a call at 251-336-3491 or send us a message online to get started.