What Exactly Is A Prenuptial and Postnuptial Agreements?
For those who do not know, be aware that a prenuptial and postnuptial agreements are a legally bound contract that is created by two consenting people prior to them getting married. In this prenuptial agreement, both parties address specific property or value that is brought into the marriage by each person and what will the property ownership of each of these be should divorce occur. Prior to creating a prenuptial or post-nuptial agreement all financial information must be exchanged by the parties.
Is A Prenuptial and Postnuptial Agreements Right For You?
If you ask any lawyer, their opinion would be that anyone with important assets who gets married or is married should have a legal document such as a prenuptial and postnuptial agreements that lays out the specifics of what will happen to the important assets in the event the marriage fails. One who considers marriage should have a strong understanding of the laws of their state, especially regarding divorce. It is always easier to think of what should happen to assets while the parties are still getting along instead of thinking things through while in the throws of an emotional divorce.
A good example of this would be if both parties had agreed that mom will not work and stay home to raise the help out. If all goes well, that family structure may work out. However, if mom has sacrificed her career or is at the time of the divorce is in a weaker financial or earning position, what happens next. A pre-nuptial or post-nuptial agreement can resolve that dispute. Otherwise, there can be long, contentious and expensive litigation to get to the final resolution.
No one in their right mind would get married with the anticipation of having their significant other cheat on them. That being said, the only remedy in Florida, involves any spending of assets by the cheating spouse to facilitate the cheating, such as travel expenses, gifts, etc. While you may not think you have enough assets to worry about in a divorce, protecting yourself in advance is the best choice or regret losing something valuable that you didn’t anticipate in a bad divorce.
Other Benefits Of A Prenuptial and Postnuptial Agreement
Until you speak to a lawyer, you may not know what exactly can be covered by a good prenuptial agreement. What is listed below are some of the major things to think about? Hopefully, it will give you some ideas plus help you make up your mind to see if this contract is right for you.
Keeping Assets Separate
In a regular divorce, states require you to prove which asset actually belongs to you and what is not a marital asset. A prenuptial agreement will save you time and money, instead of wasting time-fighting in court about this.
Dividing Debt Properly
Do you want to pay for your ex-spouse’s debt? A prenuptial agreement will help limit any responsibility you may have for your spousal’s debt at the time of divorce and during the marriage.
If you own inherited property prior to the marriage, ensuring this remains totally yours in a divorce is covered by a good prenuptial agreement.
Divorce Settlement Negotiations
By clearing things up early on with a prenuptial agreement, you can avoid having to depend on the Judge to decide how marital assets are split as this can differ from state to state. One cannot assume things will go in your favor so protecting yourself with a prenuptial and postnuptial agreements will allow you to at least define rules that are agreeable to both parties in advance.