When Florida couples say “I do,” they think it will last forever. Unfortunately, many marriages end in divorce with people losing a lot of money as part of their settlement. This is why some people opt for prenuptial agreements before they even walk down the aisle. This is what to know about this legal document and when you need it.
Prenuptial agreements explained
A prenuptial agreement is a valuable tool to sign when you are getting married and want to protect your assets and property in the event that things don’t last. The document is a contract that often outlines all the provisions for property division if the couple eventually gets a divorce. Sometimes, it also details expectations from both spouses regarding responsibilities within the marriage.
When you need a prenuptial agreement
Prenuptial agreements are necessary for certain situations. Many people choose to get them when they are getting married for the second or even third time after suffering significant financial losses from a previous divorce. Having children from a previous marriage is another common reason to need a prenup. If you want to protect your children and ensure that they are able to receive an inheritance no matter what happens, you need one.
If one person is wealthier than the other, they might choose to have a prenuptial agreement to protect their fortune if the marriage ends in divorce. The document determines how much the other party will receive in the divorce settlement; the longer the marriage lasts, the more generous this amount of money.
Another reason to need a prenup is that one party has significant debt. It can protect the other from having to be responsible for paying a portion of it should the couple divorce. Being a business owner is another common reason to need a prenuptial agreement. It can help to keep the company separate as that person’s property alone if the couple ends up getting divorced.
Prenuptial agreements are not for everyone, but they can give people peace of mind by protecting their financial interests during a divorce.