Facts About Prenuptial Agreements in Florida
When two people decide to enter into a marriage, what they are really doing is signing a legal contract of marriage. Though the hope is that they maintain the contract until death, the reality is that many couples that get married also get divorced. Because divorce can be messy, and a separation of assets does not always leave each spouse in the same place or better than, many prospective spouses choose to sign a prenuptial agreement in Florida.
Why Sign a Prenup?
Spouses may want to sign a prenup if one or both of them has a large number of assets that they want to protect in the event of a divorce. If there are children from a previous marriage, the parent of those children may also want to protect their inheritance in the unfortunate event of a divorce. Additionally, a prenuptial agreement may be in place to pre-determine which spouse will be paid alimony and for how long if the marriage contract is broken.
What Can be Included in a Prenuptial Agreement in Florida?
Usually, a prenup will cover the financial rights of each spouse. This includes the ability to manage property and who gets what property in the event of a divorce, as well who will be in charge of the property in the event of a death or other disability.
A prenup will also state what assets will remain with the spouses following a separation or divorce. For instance, if one spouse enters the divorce with significantly more assets than another, he or she may want to protect those assets from being separated if the marriage dissolves.
Life insurance policies, retirement plans, and alimony are also topics that can be included in a prenuptial agreement. However, it’s important to note that the issue of child support cannot be pre-determined through a prenuptial agreement. The courts will calculate Child support at the time of divorce depending on the financial status and ability to care for the children of each parent at that time. Custody of the child will also be determined by a judge based on the child’s best interest at the time of divorce or separation.
A prenuptial agreement must be in writing, and both spouses must sign it. If it is found that one spouse did not sign voluntarily, or was threatened by physical or psychological punishment, the courts may find the agreement void. Additionally, if one spouse was not given fair and responsible disclosure of the other spouse’s financial assets and debts at the time of signing the agreement, the spouse may challenge the validity of the agreement.
Even if the agreement is unfair, it may not be ruled void unless it can be proven that one spouse did not receive accurate and fair information regarding the finances of the other prior to the marriage and signing of the agreement. It’s important that at the time of preparing the prenuptial agreement, both spouses disclose their finances in full.
Changing or Canceling the Agreement
If the spouses want to change or cancel the prenuptial agreement at any time during the marriage, they may do so as long as they put the changes in writing and both sign the document.
It may be sad to think about what would happen in the event of a divorce prior to a marriage, but it is important that each spouse protect themselves financially, especially when it comes to assets that were acquired prior to the marriage. At every step of the way, it would be beneficial to seek the advice of an experienced family law attorney who can help you through the process of preparing a prenuptial agreement.
Thomas, A. (2015, March 27). Prenuptial Agreements in Florida. Retrieved from https://www.divorcenet.com/resources/prenuptial-agreements-florida.html