When a Florida resident is happily in love and planning their wedding, it is difficult to imagine themselves splitting up. However, the sad reality is almost half of all marriages fall apart due to various reasons. Unfortunately, a divorcing couple is not likely to think about the other’s wellbeing and a protracted property division battle might ensue. One way to avoid such a situation is by creating a prenuptial agreement. Below are some things every person should know about prenups:
- These days, couples get married in one state, work in one and live in another. It is important to clarify which states laws will apply to the prenuptial agreement from the onset.
- Fairness is crucial to an enforceable agreement. Couples must fairly and honestly disclose their assets to one another and hiding assets may affect the prenuptial agreement in the future.
- Fairness also refers to the circumstances of each couple at the time of the divorce. If one party comes into the marriage with relatively less assets than the other but grows accustomed to the lifestyle adopted during the marriage, this will be taken into account when calculating alimony payments and property division decisions.
- Premarital assets can be excluded from property division. This means each spouse keeps whatever they came into the marriage with.
- It is possible to waive alimony in a prenup agreement. If waived, this means neither spouse will ask for alimony from the other in case they divorce.
- Issues relating to children and their custody cannot be addressed in a prenuptial agreement.
When a couple if about to get married, they often want the best for their partner. This is probably the best time to enter into a prenuptial agreement, as it will be fair to both parties. If couples do not enter into one before getting married, it might be possible to enter into a postnuptial agreement. An experienced attorney might be able to help Florida couples draft agreements that protect their assets.