Marriage alters many things, including how various financial aspects of your life will be handled in the event of divorce or death. The purpose of a prenuptial agreement (also called a “prenup” or premarital contract) is to change certain arrangements that the law would otherwise control.
Under Florida law, the court can decide how marital assets and debts are divided after a divorce or a spouse’s death. With a valid prenuptial agreement, it is the couple, rather than the courts, who designates how assets and liabilities will be allocated.
A prenup can be an excellent financial planning tool, as well as a means to bring both parties’ finances into the open before marriage, saving possible litigation time and expense in the event of a divorce.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
At TK Law, our resourceful attorneys can assist in drafting a secure agreement that will ensure the preferred division of an estate, assets, and debt should a divorce occur or a spouse pass away.
Contact TK Law today to speak to one of our attorneys about drafting a premarital agreement that is tailored to fit your specific needs and objectives. Call 1-855-Kramer Now (1-855-572-6376).
What a Prenup Can Protect
A common misconception is that premarital agreements are only necessary if one or both individuals have a high net worth or earn a high income. You do not need to be wealthy to have assets that you want to protect. Prenuptial agreements forged with wisdom and open communication can be beneficial in many scenarios:
- Protection from large-scale debt
- Protection of estates or inheritances to be transferred to children or grandchildren
- Protection of family businesses
- Protection of intellectual property
- For a business that existed prior to marriage, a business owner may establish that any increase in the value of the business during marriage is classified as a non-marital asset and, therefore, not divisible upon divorce
- Protection of an expected inheritance
- Protection of a retirement plan that may be subject to division
- Clarification of who will or will not be entitled to alimony
- Elderly parents or special needs children requiring specific care, or whose assets are held in trust
What a Prenup Will Not Cover
Although the topics that can be covered by a prenuptial agreement are expansive, there are some issues that cannot legally be covered under a premarital contract in Florida. These include:
- Child support
- Time-sharing rights or other parental responsibility
- Certain specifications of temporary support
A Prenuptial Agreement Must be Legally Enforceable
A prenuptial agreement is a legal document that can be ruled null and void if someone argues that either person who executed it did not understand what he or she was signing or was in any way compelled to sign the agreement.
Both parties must sign the agreement willfully and without coercion, fraud, or duress. Each party must provide full financial disclosure and the prenup must allow for adequate provisions for the spouse with less assets. Also, the more time between the signing of a premarital contract and the actual marriage can certify its validity and eliminate any inference of undue pressure or coercion.
Retaining the proficient attorneys at TK Law to convey legal options in a logical manner will ensure that the agreement is fair, valid, and legally enforceable. While a premarital agreement must be signed by both parties, it is important to note that one attorney cannot represent both clients.
Consult an Orlando Divorce Attorney
If you are considering drafting a prenuptial agreement, contact TK Law for a consultation.
If you have been asked to sign a prenup that has been drafted by your prospective spouse’s attorney, TK Law will be happy to review the agreement and render legal advice to ensure that you maintain your rights and your goals in the marriage.
A similar agreement can also be entered into after the marriage, and in such a case this contract is called a postnuptial agreement. Postnuptial agreements are treated in the same manner as prenuptial agreements by Florida courts.