South Carolina General Assembly
117th Session, 2007-2008

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Bill 94

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

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COMMITTEE REPORT

January 23, 2008

S. 94

Introduced by Senators Campsen, Knotts and Fair

S. Printed 1/23/08--H.

Read the first time May 1, 2007.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 94) to amend Section 62-2-204, Code of Laws of South Carolina, 1976, relating to a surviving spouse's rights to an elective share, homestead allowance, and exempt, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

JAMES H. HARRISON for Committee.

            

A BILL

TO AMEND SECTION 62-2-204, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A SURVIVING SPOUSE'S RIGHTS TO AN ELECTIVE SHARE, HOMESTEAD ALLOWANCE, AND EXEMPT PROPERTY, SO AS TO PROVIDE FOR THE VOLUNTARY WAIVER OF THOSE RIGHTS UPON FAIR AND REASONABLE DISCLOSURE BY THE OTHER SPOUSE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 62-2-204 of the 1976 Code is amended to read:

"Section 62-2-204.    (A)    The right of election rights of a surviving spouse and the rights of the surviving spouse to an elective share, homestead allowance, and exempt property, or any of them, may be waived, wholly or partially, before or after marriage, by a written contract, agreement, or waiver voluntarily signed by the party waiving party after fair and reasonable disclosures to the waiving party of the other party's property and financial obligations disclosure have been given in writing.

(B)    Unless it provides to the contrary, a waiver of all rights in the property or estate of a present or prospective spouse or a complete property settlement entered into after or in anticipation of separation or divorce is a waiver of all rights to elective share, homestead allowance, and exempt property by each spouse in the property of the other and a disclaimer by each of all benefits which would otherwise pass to him from the other by intestate succession or by virtue of the provisions of any a will executed before the waiver or property settlement."

SECTION    2.    This act takes effect upon approval by the Governor and applies to all waivers executed after that date.

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