When You Should Consider Entering into a Prenuptial Agreement
Over the last few years, prenuptial agreements have become more and more common. Despite this, many couples on the cusp of marriage fail to consider entering into these types of agreements, which can cause difficulties down the road in the event of separation or divorce. Deciding whether a prenuptial agreement is right for you and your partner can be difficult, as can ensuring that any agreements that you do choose to enter into are executed properly, so if you are planning on getting married, it is important to speak with an experienced Fort Lauderdale prenuptial and postnuptial agreement lawyer who can advise you.
Significant Assets
As people continue to get married later in life, more couples are coming to the altar with significant assets of their own. In these cases, the parties involved should strongly consider entering into a prenuptial agreement, in which the fate of these assets is decided, so that they do not risk losing a portion of that property in the event of divorce. This is especially true for those who own one or more businesses, as dividing these types of assets during divorce tends to be extremely difficult and could result in the company being dissolved. To avoid this, a couple need only create a prenuptial agreement that includes provisions related to ownership of the business.
Children from a Previous Relationship
Those who already have children from a previous relationship and are planning on getting married should also think about drafting a prenuptial agreement to protect the rights of those dependents to certain assets. This is also a good option for parties who want to keep certain assets in their immediate family, as prenuptial agreements can include provisions that preserve a relative’s rights to family heirlooms. However, taking this step could hinge on the other spouse’s willingness to waive certain spousal election rights.
Personal Liabilities
Entering into a prenuptial agreement is also one of the best ways for a person to avoid forcing his or her spouse to assume personal liabilities after divorce. In these situations, a prenuptial agreement could lay out each party’s rights and responsibilities in regard to debts already acquired by either party. If drafted properly, this type of agreement could ensure that each of a spouse’s debts remain their sole responsibility, even after divorce.
What You Can Include in Your Agreement
The scope of prenuptial agreements should be limited to inheritance and financial issues, including:
- Who can control, transfer, or sell certain assets;
- How marital property will be divided upon divorce;
- The fate of any death benefits from an insurance policy in the event of divorce; and
- Whether one party will have the right to a certain amount of spousal support upon separation.
Terms related to children, including how they will be financially supported, are not recognized by Florida courts. Similarly, parties to a prenuptial agreement cannot include anything illegal in their contracts. Those who fail to abide by these rules risk having part or all of their agreement voided by a judge.
Call Today for Legal Assistance
For help drafting or challenging your own prenuptial agreement, please contact dedicated prenuptial and postnuptial agreement attorney Sandra Bonfiglio, P.A. at 954-945-7591 today.
Resource:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html
