How Prenuptial Agreements Work
A prenuptial agreement is a type of legal contract that couples can enter into before marriage that determines what will happen to their assets in the event of a divorce. These kinds of agreements have become more and more popular, as they provide couples with a surefire way to protect their financial futures. Read on to learn more about Florida prenuptial agreements and whether one could be right for you and your partner.
What Do Prenuptial Agreements Cover?
Prenuptial agreements are used primarily to dictate how a couple will divide their assets in the event of divorce. This is by no means, however, the only topic that prenuptial agreements can cover. They can, for instance, also be used to address:
- How a couple will divide their assets in the event of a death or other event;
- How the parties will manage their properties during the marriage;
- Whether one of the parties will be required to pay alimony to the other in the event of divorce;
- How the parties will divide any pensions or retirement plans during divorce;
- How the proceeds of life insurance policies will be divided in the event of a death;
- Whether the parties have a will and if so, whether it will be required to carry out the terms of the prenuptial agreement; and
- Which state’s laws must be used to interpret and execute the agreement.
It’s also important to note that prenuptial agreements cannot be used to dictate child support payments or child custody awards. Resolving these types of issues will require a separate court order as part of the divorce proceedings.
When is a Prenuptial Agreement Enforceable?
In Florida, there are specific rules with which couples must comply in order to create an enforceable prenuptial agreement. These agreements must, for instance, be in writing and signed by both of the parties. Even in these cases, however, a prenuptial agreement can be ruled invalid if:
- One of the spouses was forced to sign the agreement;
- Signing was the result of fraud, duress, or coercion; or
- The agreement was extremely unfair to one spouse because the other party failed to disclose his or her financial circumstances.
In these cases, a court can either invalidate the unlawful provision or throw out the entire agreement.
Is a Prenuptial Agreement Right for Me?
Any couple can enter into a prenuptial agreement before getting married. It is, however, especially encouraged when the parties:
- Have assets that they wish to keep separate;
- Have children from a prior relationship;
- Have separate business interests; or
- Wish to pre-determine alimony.
Couples who don’t create prenuptial agreements will have to divide all of their marital assets in the event of divorce. In some cases, this could even require the parties to split up an asset that they owned prior to the marriage (separate property) if it had been commingled with marital assets. Entering into a prenuptial agreement is one of the best ways to prevent this from happening.
Fort Lauderdale Prenuptial and Postnuptial Agreement Lawyer
If you have questions about the ins and outs of creating an enforceable prenuptial agreement, don’t hesitate to call experienced Florida prenuptial and postnuptial agreement lawyer Sandra Bonfiglio, P.A. for help. Get in touch with our legal team by calling 954-945-7591 or by reaching out to us online.