Your engagement and the planning for your future marriage is an exciting time. Perhaps less exciting is making plans for individual and marital assets. When couples are joining their lives together, the benefits of a prenuptial agreement in Florida cannot be overstated.
If you are considering creating a marital agreement, an experienced prenup attorney can assist you. Having legal representation is crucial to protecting your interests, so contact us to discuss your options during a free case evaluation.
What Is a Prenuptial Agreement?
A prenuptial agreement, sometimes referred to as a premarital agreement, is a contract between two future spouses that outlines each party’s assets and debts, and designates ownership.
These agreements can also help with estate planning and potential future divorce planning. Outlining ownership of assets can help determine inheritance and property division in a divorce, and one of the main benefits of a Florida prenup is to create expectations and avoid future arguments.
Requirements for a Prenuptial Agreement
Understanding state-specific laws is important before creating a premarital agreement. Failure to follow these rules may make the agreement invalid or unenforceable. Florida requires agreements to meet these specific requirements:
- The agreement needs to be in writing, signed by both parties, and notarized. In other words, verbal agreements are not enforceable.
- The agreement must be voluntary.
- The agreement must include a full disclosure of all assets, debts, and income by both parties.
- The terms of the premarital agreement must be fair to both parties.
Premarital agreements can address several issues, including the parties’ rights to certain assets, distribution of property upon divorce, and right to alimony.
Reasons to Get a Prenuptial Agreement
There are several benefits to premarital agreements in Florida. A high-quality prenuptial agreement can clarify ownership of assets and debts, and each spouse’s financial obligations during marriage and in the event of divorce.
Protection from debt is one key benefit. If one spouse enters the marriage with significant debt obligations, the prenuptial agreement can protect the other spouse from being held financial responsible.
Prenuptial agreements can also clarify ownership of assets like business, real estate, investments, and inheritances. This can protect these assets from being divided or sold if the couple divorces. Moreover, prenups can simplify divorce proceedings because it sets expectations for property division.
Are Prenups Only for High-Net-Worth Couples?
Can only high-net-worth individuals and couples benefit from a prenuptial agreement? No, any couple can benefit from having a premarital agreement. Having an agreement in place sets expectations in the event of a major financial change. It can also help reduce or eliminate disagreements if the couple divorces.
Drafting a Valid Agreement
The first step to any prenup is open and honest communication between future spouses. Both of them need to agree to enter into the agreement, so having these conversations early is critical.
Next, each person will want to assess their financial situation and determine how they want to assign ownership to their property. They should consider what their expectations would be for assets and financial support in the event of a divorce.
Both parties should seek separate legal counsel, as it is important to have an attorney who only represents the interests of one spouse. Having a dedicated lawyer to review any prenuptial agreements and negotiate terms is crucial to protecting each person’s interests.
Call Our Florida Lawyers About the benefits of a Prenuptial Agreement
The Florida Probate & Family Law Firm brings experience and trusted support. We help fiancé(es) draft, negotiate, and evaluate the benefits of prenuptial agreements in Florida. If you have questions about creating this kind of contract, contact us for a free case evaluation. We can explain why it may be in your best interest to confirm your assets prior to the marriage.