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What are prenuptial agreements?

On Behalf of | Jan 12, 2021 | Property Division |

Those entering into marriage do so with reasonable expectations things will work out. High divorce rates in Florida and the United States reveal a significant percentage of marriages don’t. Someone entering into a second or third marriage might feel concerned about divorce and asset divisions in a divorce settlement. A prenuptial agreement may address some of those concerns while possibly providing financial protections.

The purposes of a prenuptial agreement

With equitable distribution, spouses may receive a 50/50 split during divorce proceedings. Under Florida law, divorcing spouses may find themselves found to agreements made in a prenuptial contract. The agreement could keep certain assets out of the equitable division if the marriage dissolves. Someone with considerable assets may marry someone with virtually no assets. The person with significant assets might prefer an agreement that protects his/her finances. Someone who owns a business may not want to lose half of his/her ownership in a business or be forced to sell, for example.

A prenuptial agreement might cover several other issues of consideration. A spouse may agree in advance to an alimony amount, or protections may be in place to protect children from a previous marriage’s financial interests.

Changing a prenuptial agreement

Prenuptial agreements could undergo revisions at a later date. The financial situation between partners may change, or other events may occur that render the previous agreement incomplete, outdated, or otherwise not reflective of present concerns. Altering the agreement might deal with such issues.

Prenuptial agreements are subject to state law to be valid. If one party proves force or coercion led to signing the document, then the agreement would not be legitimate.

Prenuptial agreements could help prearrange monetary and property division before a marriage dissolves. Clients may wish to work with a family law attorney to devise an agreement.

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