Postnuptial & Prenuptial Agreements
For those of you who aren’t aware, postnuptial and prenuptial agreements are contracts that you shouldn’t joke around with as they are legally-bounding contracts and are created by two consenting people before they get married. In prenuptial agreements, the two address specific value or property that’s brought into their union by each individual, and what should happen to the ownership of the said property should the two divorce. Prior to creating and signing a postnuptial or prenuptial agreement, both individuals are required to exchange all their financial information.
Is A Postnuptial and Prenuptial Agreement Right For You?
If you asked any attorney about prenuptial and postnuptial contracts, their opinion would be anyone with significant assets and is married or is getting married should consider getting a legal document or contract like a postnuptial or prenuptial agreement that clearly states what should happen to these assets should the marriage fail. Anyone considering marriage should have a good understanding of their state’s law, especially when it comes to divorce. It’s always far easier to consider what should happen to vital assets while still in good terms than thinking of how to go about it while going through the divorce process.
For instance, let’s consider a couple who had agreed that the lady would not work but would instead be a stay-at-home mom. If all works out well, this family structure could work out well. Let’s say the lady had to sacrifice her career and is at a weaker earning or financial position at the time of divorce, what happens then? A postnuptial or prenuptial agreement can help resolve such a dispute. Otherwise, this could lead to a very expensive and contentious litigation that could take ages before a resolution is reached.
There is no one out there who wants to get married with hopes that their spouse will cheat on them at some point. With that being said, the only solution in Florida would involve recovering the funds spent by the duplicitous spouse to facilitate his or her cheating, and that includes things like gifts, travel expenses, etc. While some people may think that they don’t have enough assets to worry themselves about during a divorce, it is still advisable that you protect yourself in advance. Otherwise, you may end up regretting the loss of something you hold dear and which you didn’t expect to lose through a bad divorce.
Benefits of Postnuptial and Prenuptial Agreement
Until you have spoken to an attorney, you may not fully comprehend what can be covered by a comprehensive prenuptial agreement. Here is a look at some of the main things to consider. Hopefully, this will give you a good idea of what prenuptial and postnuptial agreements involve and should help you make a decision on whether this contract is good for you or not.
Keeping Assets Separate
In normal divorces, the State of Florida requires that involved parties prove which assets belong to who and which aren’t marital assets. Prenuptial agreements will save you money and time, eliminating the time spent fighting in court over who gets what.
Proper Debt Division
If you want to avoid paying for ex-spouse’s debt, then a prenuptial agreement is what you need to get. This agreement will help lower any responsibility for your spouse’s debt during the marriage and at the time of divorce.
If some of the property you own was inherited prior to your union and want it to remain in your possession even after divorce, then a prenuptial agreement can help ensure it remains yours.
Divorce Settlement Negotiations
Getting things cleared up early through a prenuptial agreement can help avoid having to approach a judge to decide how your assets are split. However, it is worth noting that this will differ from one state to another. Never assume that things will be in your favor. With that being said, it is advisable that you protect yourself with a postnuptial and prenuptial agreement. Such agreements will make it possible for you to define rules that the two of you can agree on in advance.