Pensacola, Florida Prenuptial Agreement Lawyer
Premarital Agreements: Protecting Your Assets After a Divorce
When a couple decides to get divorced, working through financial matters is a difficult task. Division of assets, alimony or spousal maintenance and child custody issues (when applicable) all need to be settled before a divorce agreement is approved. A prenuptial agreement, commonly known as a “prenup,” is legally defined in Florida as a “Premarital Agreement.” They are used to determine how some financial issues will be resolved in the case of a divorce. Marrying couples reply on a prenuptial agreement for a variety of matters, including:
- Division of real estate or other assets acquired during the marriage
- Designating each spouse’s “separate property” and determining what property will remain “non-marital property” in the case of a divorce
- Designation of how assets and liabilities incurred DURING the divorce will be handled
- Rights to life insurance policies or other long-term financial planning and estate planning tools like wills and trusts
Should I Get a Prenup?
This is a difficult question to answer, and will depend on many aspects of your circumstances. However, the makeup of a good prenuptial agreement is simply a reflection of what the couple wants to accomplish. Here are a few cases where prenuptial agreements are very useful:
Prenuptial for a Second Marriage
There are several reasons why prenuptial agreements are useful for second marriages. Often, each spouse has their own children from a prior marriage. A prenup allows them to determine how their assets will be distributed among their new family. Prenups are also more common for second marriages, as people who experienced a divorce know the difficulties involved in working through financial matters. While it may seem pessimistic, it’s also worth considering that second and third marriages are statistically more likely to end in divorce.
Prenuptial Agreements for Same-Sex Couples & Non-Traditional Families
With the recent change in legislation, Florida stands to see a dramatic increase in same-sex marriage. Due to the historical limitations around gay marriage, many couples find themselves preparing for marriage later in their 30’s, 40’s and beyond. The practical result of this is many couples are entering marriage later in life, and thus are likely have more assets to protect.
Prenuptial Agreements: When One Spouse Has More Assets or Debts than the Other
Any time two people in notably different financial situations get married, a premarital agreement should be considered. A prenup protects you from becoming responsible for the debt of your ex-spouse. In a similar fashion, the agreement also protects homes, bank accounts or other assets you owned before the marriage.
Prenuptial: A Practical Safeguard that Protects Your Assets
While it’s not commonly considered romantic, a premarital agreement, or “prenup,” is a sensible tool when used correctly. Signing a prenuptial agreement doesn’t mean that you’re “planning on divorce,” any more than having health insurance means you’re planning on getting ill. It’s simply a tool that limits your financial exposure in the case of a divorce. If you have questions about a prenuptial agreement and how it can help protect your assets, contact our office today.