Being Proactive By Getting a Prenuptial Agreement
Helping You With Property Division And Alimony In A Prenup
There are many healthy and practical reasons for signing a prenuptial agreement. First and foremost is that for reasonable and responsible clients of The Marin Law Firm, P.A. in Orlando, Florida, we draft prenuptial agreements to address matters of property division, support and other matters should the marriage end in separation or divorce.
Whether you are getting married for the first time or you have done this before, a prenuptial agreement is important.
- This document allows you to protect your property.
- It allows your future spouse to protect his or her property.
- It allows both of you to protect your respective estates so they can pass on appropriately to your children.
Simply put, getting a prenuptial agreement is being proactive.
At The Marin Law Firm, P.A., we can help you take the proactive step. We will see that full and fair disclosure of both parties’ assets and debts take place. We will time the creation of the document appropriately, since it needs to be created at least 60 days prior to the wedding.
For partners-to-be, a discussion and the negotiation of prenuptial agreement terms can serve to strengthen a relationship by starting on a footing of open and honest communication. Asking one’s intended to engage in a frank discussion about his or her future together can be an opportunity for an open dialogue in which each partner can express his or her thoughts and feelings about a wide variety of issues that make up a marriage.
This sort of discussion doesn’t mean that one party is anticipating divorce. It does mean that one party (and hopefully both) is willing to discuss current and future plans about the distribution of assets, so that if they later divorce they can do so without the expense and acrimony of a legal battle over assets and finances accumulated during the marriage.
Couples often reach an agreement regarding alimony prior to a marriage, too. If you have been talking with your fiancé about property division or spousal support issues, you may wish to consult with Carmelina Marin of The Marin Law Firm, P.A.
Presented with a prenuptial agreement, we will meet with you and help you understand what you have been asked to sign. We will negotiate the terms of the contract for you and help you keep your relationship intact so you can move on to a happy marriage. Getting married is stressful and exciting even without having to worry about a prenuptial agreement. It is better not to wait and to finalize your prenuptial agreement well in advance of the wedding.
A GROWING TREND FOR INTERNATIONAL MARRIAGES
A prenuptial agreement is a contract between two prospective spouses that they enter into before their marriage. Parties may chose to enter into a prenuptial agreement to decide in advance what will happen to their property or how they will support one another in the event of divorce or death. A prenuptial agreement must be in writing in order to be enforceable under Florida law. The purpose of a prenuptial agreement is to outline each party’s obligations and rights prior to and after the marriage. Prenuptial agreements include such topics as division of property, allocation of money, and specific promises between the parties. Prenuptial agreements may not include waivers of temporary support obligations or provisions regarding parental responsibility, parental support and time-sharing rights.
A postnuptial agreement is an agreement between a married couple. Marital settlement agreements are a form of postnuptial agreements. Postnuptial agreements must be in writing in order to be enforceable under Florida law. Postnuptial agreements and marital settlement agreements are written between spouses who plan to either separate or divorce, and are written prior to or during the process for divorce. These agreements can include provisions regarding separate and marital property, support obligations or both.
Child support, parental responsibility, a parenting plan and time may be included in a postnuptial and prenuptial agreement but are always subject to the modification and approval by the court.
Prenuptial Agreements And International Marriages
Prenuptial agreements are particularly pertinent to international marriages and/or where the couple possesses assets inside and outside the United States. It is important to consider the impact of different jurisdictions in the event of a divorce. Laws vary not only between countries, but also between the various states in the USA. One crucial aspect of an international prenuptial agreement is the choice of law clause. A properly drafted prenuptial agreement must contemplate where the parties are likely to reside and contain a provision concerning the choice of law to be applied. One must consider the laws of different jurisdictions to craft a prenuptial agreement that will work best for international spouses. Different jurisdictions require different components to be included in the prenuptial agreement to make it enforceable. It is a critical element to ensure that such an agreement contains valid and enforceable choice of law provisions to avoid rendering the prenuptial agreement null and void.
A prenuptial agreement may also be used as an estate planning device to assist a couple in providing for a disposition of their assets upon death, even in the event of an intact marriage. Just like most individuals establish a will to protect their families and loved ones, entering into a prenuptial agreement ensures that the division of property will be followed in the manner by which both future spouses agreed upon at the time they signed such an agreement, a provision which could not later be changed at the whim of one spouse acting without the consent of the other, or vitiated by local estate laws that guarantee a surviving spouse a specified percentage of the decedent’s estate. Prenuptial agreements are prevalent in second marriages, especially when there are children from a prior marriage. Such an agreement is often utilized to protect the inheritance of a spouse’s child or children from a previous marriage. The parties may also wish to consider a provision protecting a party’s rights to separate property by waiving the surviving spouse’s legal right to claim a share of the other spouse’s separate property at death.
Eight Reasons Why You Should Get A Prenuptial Agreement
- You are much wealthier than your partner. A prenuptial agreement can ensure that your partner is marrying you for who you are, and not for your money.
- You earn much more than your partner. A prenuptial agreement can be used in many states to limit the amount of alimony that is payable.
- You are remarrying. When you remarry, your legal and financial concerns are often very different than in your first marriage. You may have children from a previous marriage, support obligations, and own a home or other significant assets. A prenuptial agreement can ensure that when you pass away, your assets are distributed according to your wishes, and that neither your first family, nor your new family, are cut off.
- Your partner has a high debt load. If you are marrying someone with a significant debt load, and don’t want to be responsible for these debts if your marriage ends, then a prenuptial agreement can help ensure that this does not happen. If no prenuptial agreement is in place and one spouse files for bankruptcy and receives a discharge for a debt that was jointly held during marriage, creditors could still go after the other spouse to collect payment on that debt.
- You own part of a business. Without a prenuptial agreement, when your marriage ends, your spouse could end up owning a share of your business. Your business partners may not want this to happen. A prenup can ensure that your spouse does not become an unwanted partner in your business.
- To prevent your spouse from overturning your estate plan. A prenuptial agreement can ensure that you estate plan works, and, for instance, ensure that a specific heirloom remains in your family.
- You are much poorer than your partner. Just as a prenuptial agreement can be used to protect a spouse who is well off, a prenup can also be used to ensure that the partner who is weaker financially is protected.
- If you plan to quit your job to raise children. Quitting your job will negatively impact your income and your wealth. A prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.