Prenuptial Agreements - What You Should Know
Prenuptial agreements are legal documents executed prior to marriage. A postnuptial agreement is executed after marriage. They often contain a list of each party’s assets and provide what happens upon a Florida divorce or the death of one of the parties. A prenuptial agreement is critical whenever one party has significantly more financial assets than the other or when the parties have children from previous marriages. This type of agreement should be seen as a preplanning tool that makes good financial sense.
Florida Divorce and Prenuptial Agreements
If you need to file for divorce, Florida courts look closely at prenuptial agreements to determine if they are valid. These documents outline the specifics in how assets are divided if the marriage is dissolved. However, such agreements must meet the state of Florida marriage laws, Florida divorce laws and other laws of the state. Therefore, it is critical that you have a Florida lawyer prepare your pre or postnuptial agreement.
Benefits of Agreements
There are several key benefits to putting this type of agreement in place prior to getting married:
- The documents list each other’s property and ensures that the person who owns it prior to the marriage will own it after the marriage ends.
- The document provides equal protection for both parties. If one party does not agree to execute the agreement, he or she is not legally required to do so, though this may stop the marriage from occurring.
The costs of having an attorney prepare a prenup is quite minimal when put into the context of the long term cost savings should the marriage end. This type of agreement should be in place regardless of emotions and feelings when there is a sizable amount of assets involved in the marriage. Like any other type of financial planning, it provides protection to both parties.
Although it may not happen, a divorce settlement is based on fair distribution of property. In other words, without a prenuptial agreement in place, the court will determine how you will be required to split any and all marital property.
Would you like to know more on this topic? You can talk to an Olsen Law Group prenuptial agreements attorney at no cost today.
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