PreNuptiuals: The Gray Marriage
Recently, I’ve been asked to comment about the rise in “Gray Divorce” by the media. Gray divorce’s being on the rise in the last several years has caused another phenomena, not yet named, “Gray Marriage”. It’s never too late, right?
Should I Get a Prenup?
Seemingly not, because I see many such second or third chances at love end in divorce. Never has it been more important than when you are getting married the second or third or fourth time around to get a prenuptial agreement.
What About Equitable Distribution?
Alabama is an equitable distribution state rather than a community property state, but if you get married soon you are likely to co-mingle your assets. Then your claims for your separate property go out the window. Let me give you an example, you have a house when you get married but you and your new spouse decide to live there together and to a do a few upgrades to the house. You refinance and the house is put in both parties names. This asset has been converted to separate property to marital property. It doesn’t have to go so far as to be refinanced though, for instance if your new spouse pays the house note, pays for improvements, and lives there with you then you are co-mingling again. If you have a rental house and the rental is used for marital purposes then to the extent the funds are co-mingled it’s marital property.
Avoid Co-mingled Marital Property
The most practical way to avoid this co-mingling conundrum is to spell out how you want your property distributed in the event of divorce. You can deal with issues like after death to protect your children in the event you die before your spouse and deal with how finances will be dealt with and also you can set out the distribution of property.
Save Yourself Money – Get a Prenup
I recently represented a man who had to file a contested divorce to get the woman he was married to for two short years to leave. He then agreed to give her a property settlement of several thousand dollars and pay off her car in order to get the case resolved. A prenuptial would have saved him many, many thousands.
If you have questions about what you need to document for a prenuptial agreement then call Leigh Daniel Family Law and we can tell you the next steps.