A North Carolina prenuptial agreement is utilized by engaged couples to establish the distribution of assets and responsibilities should their marriage end in divorce or one of them pass away. This legal document outlines how assets will be divided among the spouses.
In the absence of a premarital agreement, matters such as the division of assets or alimony will be decided by the court or agreed upon by the parties in accordance with the state’s equitable distribution and spousal support laws.
Legal Considerations
Laws:
- § 52B-1 – Short title
- § 52B-2 – Definitions
- § 52B-3 – Formalities
- § 52B-4 – Content
- § 52B-5 – Effect of marriage
- § 52B-6 – Amendment, revocation
- § 52B-7 – Enforcement
- § 52B-8 – Enforcement: void marriage
- § 52B-9 – Limitation of actions
- § 52B-10 – Application and construction
- § 52B-11 – Severability
Signing Requirements: For the agreement to be legally binding, it must be signed by both parties; while not mandatory, obtaining a notary acknowledgment is advised (§ 52B-3).
Dividing Property: Under North Carolina law, a 50/50 split of marital assets is generally considered equitable, or fair. Nonetheless, the law recognizes numerous factors that may justify an unequal division of property when a 50/50 split would be unjust (§ 50-20).
What Can Be Included in a North Carolina Prenup?
Full Disclosure of Assets and Debts:
- Mandatory transparency for both parties.
- Comprehensive listing of assets (bank accounts, investments, real estate, personal property) and debts.
Property Division:
- Clear guidelines on property division in case of divorce or separation.
- Establishment of separate property and division rules, deviating from North Carolina’s equitable distribution principle.
Alimony and Spousal Support:
- Specification of alimony or spousal support terms: amount, duration, conditions.
- Option to waive alimony rights in the agreement, with child support unaffected.
Estate Planning:
- Inclusion of estate planning provisions.
- Guidance on asset distribution upon death, complementing a valid will.
Business Interests and Investments:
- Addressing handling of business or significant investments in a divorce.
- Determination of asset value at marriage time and division guidelines.
Debts and Financial Obligations:
- Disclosure and management of existing and future debts.
- Protection against assuming post-marriage debts of the other party.
