Your Prenup Checklist
Entering into a prenuptial agreement before marriage has become increasingly common in Florida, with many soon-to-be married couples looking to secure their financial futures in the event of divorce. Drafting a fair and binding prenuptial agreement can, however, be complex, so if you are planning on getting married and have questions about protecting your own financial future, consider reaching out to an experienced Fort Lauderdale prenuptial and postnuptial agreement lawyer for help.
Starting the Prenuptial Agreement Process
Prenuptial agreements are contracts entered into by couples before they get married. These agreements can fulfill a number of purposes, including clarifying property division and protecting oneself from debt in the event of divorce. When mapping out their agreements, couples will need to grapple with a number of matters, including the following.
Managing Premarital Assets and Debts
One of the first things that a couple will need to do when first engaging in the prenuptial agreement process is to make a list of their separate assets. This will give both parties a snapshot of their financial situations and a better idea of what they can expect to retain in the event of divorce. Couples can also use this information to map out their assets and income during the marriage, including whether they will share or have separate bank accounts.
Assessing Credit and Debt
Many couples who are planning on getting married don’t have a full grasp on their soon-to-be spouse’s debt situation. When preparing a prenuptial agreement, both parties will need to provide this information, including credit reports and details about how much debt is being brought into the marriage. This information will be critical to the couple’s ability to determine how debts will be paid off if the marriage doesn’t last.
Addressing Spousal Support
Another issue that couples will need to grapple with when drafting a prenuptial agreement is whether one party will be entitled to alimony in the event of divorce. This determination will, in turn, be guided by the parties’ incomes and separate property. Although it can be awkward to discuss, making a decision on these kinds of issues can give both parties peace of mind.
Evaluating Business Ownership
Prenups can also address how a business will be divided if a couple divorces, or whether it will be divided at all. If one person already owns a business, for instance, he or she will need to take steps to ensure that that business stays separate. If both parties are involved in the business, however, they will need to make sure that records and auditing books are saved to ensure fairness in the division process.
We Can Help with Your Prenuptial Agreement
There are a lot of benefits to setting up a prenuptial agreement. From defining what constitutes marital property and protecting family heirlooms to shielding oneself from debt and safeguarding a family business, these contracts can give couples peace of mind and financial security. To learn more about prenuptial agreements and whether one could be right for you, please call dedicated Florida prenuptial and postnuptial agreement lawyer Sandra Bonfiglio, P.A. at 954-945-7591 today.