Protecting Your Assets With A Prenuptial Or Postnuptial Agreement

Prenuptial and postnuptial agreements are one of the best ways that couples can protect their individual assets and establish defined financial expectations both before and after marriage. Prenuptial agreements, as their name suggests are contracts entered into by a couple before they actually get married. Postnuptial agreements, on the other hand, are similar, in that they deal with the financial implications of a potential divorce or death, but are entered into after a marriage has already taken place. Read on to learn more about prenuptial and postnuptial agreements in Florida and whether such an agreement could be right for you.

Understanding Florida Prenuptial Agreements 

The main purpose of prenuptial agreements is to determine how a couple’s assets and debts will be divided if the parties divorce or separate, or if one passes away. One of the primary benefits of this type of agreement is that they can be used to protect individual assets. For instance, if someone enters a marriage with significant assets, he or she can use a prenuptial agreement to keep those assets separate, meaning that they won’t be subject to division during divorce. These types of agreements are, for example, popular amongst those with business interests or who wish to protect their inheritance rights. Prenuptial agreements can also streamline the divorce process if a marriage does end, minimizing conflict by setting clear expectations about certain issues, including:

• The division of assets and debts;
• Whether one party is entitled to alimony payments; and
• The right to death benefits from insurance policies.

There are, however, certain things that prenuptial agreements cannot address, including child support and child custody.

Understanding Florida Postnuptial Agreements 

Like prenuptial agreements, postnuptial agreements are contracts between spouses. The difference, however, is that the latter are entered into once a couple has already been married. These kinds of contracts are more common amongst couples who didn’t enter into a prenuptial agreement, but who have acquired significant or valuable assets since the marriage, and for those who want to update an existing and outdated prenuptial agreement. Like prenuptial agreements, postnuptial contracts can cover a number of issues, including asset division and alimony. These agreements, however, are only enforceable if they meet certain requirements. Both spouses must, for instance, voluntarily agree to the contract and make full financial disclosures to each other.

Could a Prenuptial or Postnuptial Agreement Be Right for Your Family? 

Although they are often overlooked, both prenuptial and postnuptial agreements can protect individual assets from being divided during a divorce. They can also provide peace of mind and a sense of financial security by clearly defining separate property and marital property and ensuring that one spouse isn’t responsible for the other’s debts. To learn more about these kinds of marital contracts and the steps you can take to protect your personal assets both before and after marriage, please call experienced Fort Lauderdale prenuptial and postnuptial agreement lawyer Sandra Bonfiglio, P.A. today. Get started on your case by calling our office at 954-945-7591 or by sending us an online message.

Source: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html