Nuptial Agreements Can Help Protect Your Child’s Interests
There are a lot of benefits to nuptial agreements. They can, for instance, be used to safeguard separate property in the event of divorce or death. A lesser known benefit, however, is that they can help protect the financial interests of children from a prior relationship. Read on to learn more about how both prenuptial and postnuptial agreements can be used to provide children with more financial security in the event of a remarried parent’s divorce or death.
What are Nuptial Agreements?
Nuptial, or marital agreements are contracts between couples that define how assets and debts will be allocated if one of the parties passes away or if the couple divorces. There are two main categories of nuptial agreements: prenuptial and postnuptial agreements. As their names suggest, prenuptial agreements are entered into by soon-to-be spouses before their marriage actually takes place, while the latter occur after a couple is already married. Both types of agreements, however, can be used to protect the financial interests of not only spouses, but also any children from a former relationship.
Providing Additional Security for Children
Nuptial agreements have become increasingly common in the last few years, especially among couples who have children from previous marriages or relationships. For instance, these contracts can be used to outline how assets acquired during the marriage will be divided between the spouses in case of death or divorce. This in turn, ensures the financial security of either of the party’s children. If, for example, one of the parties owns a family business and wants to ensure that that business doesn’t end up divided during divorce, he or she could include a provision stating that the business interest will remain a separate property. In the event of a divorce, that person would then remain the sole owner of the property and still have the option of leaving the business to a child at a later date. If, on the other hand, the parent were to actually pass away, the spouse wouldn’t have a claim to the asset, which could then be inherited solely by the child. Any family heirlooms, like jewelry, artwork, or antiques could be safeguarded in the same way.
Furthermore, marital agreements can also be used to establish guardianship and custody arrangements (if the children are minors), giving parents the opportunity to decide who will care for their child in the event of an untimely death.
Contact Our Dedicated Legal Team Today
Having a nuptial agreement in place has become an increasingly popular way for families to prepare for their financial futures. If you are planning on getting remarried and already have children from a previous relationship, a prenuptial or postnuptial agreement could give you peace of mind regarding your child’s future financial security. To learn more about the ins and outs of entering into this type of contract, please call dedicated Florida prenuptial and postnuptial agreement lawyer Sandra Bonfiglio, P.A. today. You can set up a free consultation with a member of our legal team by calling 954-945-7591 or by filling out one of our online contact forms.