Why You Need a Prenuptial Agreement in South Dakota?
Not many people may want to hear this, but marriage comes with endless challenges. And one of the thorniest issues in a marriage is how to share valuable assets during divorce, which may lead to lengthy and costly court battles. Prenuptial agreements now offer an easy way to plan ahead of a divorce.
Learn more about prenuptial agreements and why you may need a prenup in South Dakota.
How Prenups Work in South Dakota
South Dakota ratified the Uniform Premarital Agreements Act in 1989 as part of enforceable marriage laws. Therefore, the revised code allows prospective couples to sign a valid premarital agreement, as highlighted in sections 25-2-16 to 25-2-25.
Prenups in South Dakota address contentious issues that usually arise during a divorce, including:
- The rights of spouses regarding their property
- The rights to selling, leasing, managing, and controlling marital property
- Disposition of assets upon dissolving a marital union
- How to create a will or trust for managing property or assets
- Sharing benefits from life insurance covers
- Any matter arising in marriage regarding rights and obligations
Besides the elements of a prenup, parties to the contract must exercise their obligations to validate the agreement. A court may void a prenuptial agreement if it violates the provisions enshrined in the marital statutes.
One crucial aspect is the right to spousal support. The court in South Dakota will set aside a prenuptial agreement that eliminates or restricts your spouse’s right to alimony.
An oral premarital contract is not enforceable in South Dakota. Instead, the law requires you to present your contract as a written document. Make sure to include your signatures on the contract.
Another critical aspect of prenups in South Dakota is fairness. The courts cannot enforce a grossly unfair agreement that infringes on justice. The courts may consider the following:
When Is a Prenuptial Agreement Necessary in South Dakota?
In South Dakota, a prenup offers much value if a civil union ends up in divorce. The courts will adopt the contract to settle contentions in a divorce.
A prenup is a must-have if you are likely to face the following scenarios:
Your Spouse Has Significant Debt
You are soon to get married. But have you considered the debt bill that your spouse could be bringing into the marriage? Your future spouse could have incurred debts in education loans, mortgages, and credit cards. A prenup helps you define whether you’ll incur liability for your spouse’s debt when you unite in matrimony.
You Have Substantial Wealth
A prenup isn’t exclusively for the wealthy, but it comes in handy if you enter marriage with some valuable assets. You could have real estate, stock holdings, savings, or life insurance schemes. You would have peace of mind by securing your assets from legal implications if you divorce.
You Have Children
Nearly every parent would want to leave an inheritance for the children. But the situation becomes complicated if you remarry and wish to move along with your children. How do you secure their heritage in the new marriage? A premarital contract enables you to set your boundaries so that your children’s inheritance remains separate property.
Can You Modify a Prenup in South Dakota?
Yes. Prenuptial agreements are not cast in stone. The statutes allow you to revoke or modify the provisions in the contract through a written and signed agreement.
If you want to draft a prenup in South Dakota, download a free printable template from our site today.