Florida Women's Law Group
Why You Should Consider A PrenupAuthor: Florida Women's Law Group
Date: May 17 2021
Why You Should Consider a Prenuptial Agreement
A prenuptial agreement has a bad rap. Most people’s direct knowledge of a prenup is from the movies or TV and is seen as something to thwart a gold digger or used by the uber rich to deny a spouse money. Yes, they are often used for the super wealthy but in today’s world they are being used more and more, especially as couples wait until they are older to marry.
Prenups are viewed as unromantic or that one part of the couple thinks the union is doomed to failure. It can set a strong foundation for a long union when conversations are had before the marriage about uncomfortable topics. Financial issues are the leading cause of divorce in the United States. If sensitive financial matters can be ironed out early on it can limit misunderstandings in the marriage. If the marriage does end in divorce a prenup allows parties to determine the terms and avoid lengthy and costly litigation. If you argue about money during a marriage, it will only be worse during a divorce.
A prenuptial agreement outlines what will become of the marital assets and liabilities in the case of divorce or death. It typically covers how assets and debts will be divided, spousal support and alimony and division of property and sentimental items. It can also cover marital conduct provisions as well. This can be what happens if one partner is unfaithful, how household responsibilities are distributed, number of vacations or visits from in-laws. A big one lately involves pets and what will happen if there is a divorce or death. We have seen all kinds of things in prenups!
You probably think prenups are for celebrities, people with generational wealth or high-powered professions. Not true, most marriages benefit from a prenup. Here are some situations where a prenup is a good idea:
- One Partner is Wealthier Than the Other – This is most common when there is family money or inheritances on the horizon. This is to protect the family assets and often is used to ensure the less wealthy partner is not marrying for money.
- One or Both Own a Business – One or both people in a marriage could come into a union with their own business or if one partners owns a business with other people. If the couple were to divorce most would not want their ex to have a piece of their business that they worked so hard to make successful. The same is true for a family business, movies are made about how a divorce can ruin a family business.
- Children from Previous Relationships – If there are children by one or both partners from before the relationship a prenup can protect the financial interests of the children. This is also applicable if there are elderly parents that need to be taken care of as well. It ensures that they will be provided for and taken care of in the new marriage.
- If One Partner Has Been Divorced Before – If one partner has been burned before in a previous divorce they may want to take steps so that it does not happen again. Also, statistics say 50% of marriages end in divorce and for second or third marriages that number goes up.
- One Partner Has More Debt – When entering the marriage, if one partner has a substantial amount of debt, a prenup can address how debts are handled. Once married, assets and debts become joint property. If one person has a large amount of debt or spends significantly more, the prenup can state that joint funds are not used to pay individual debt or to pay one spouse’s business debts. If this is not outlined before the marriage, creditors will go after joint assets to satisfy any money owed.
Timing is important when preparing a prenup. It is recommended that it be finalized at least 30 days before the wedding. It is also advised that both parties have their own lawyers so that their best interests are taken into consideration. An attorney should be used when drafting or reviewing a prenup. Each state views prenups differently and an attorney can guide and advise on what is fair and just and that it is enforceable in your state.
Determining what to include in your prenuptial agreement may be stressful and it is better to start now as opposed to waiting until the day of your wedding. Our attorneys have the experience needed to guide you on your journey to wedded bliss. We can negotiate the terms of your agreement so that you and your partner feel comfortable.
Call the attorneys of Florida Women’s Law Group today, we have the skills, experience and resources needed to provide you with compassionate legal service.