Florida attorneys hear this question more often than ever during client consultations. Celebrity news stories usually have a thing or two to say about prenups, which piques the interest of non-celebrities and people without a great deal of wealth. These people, who are just like you and your intended, all wonder the same thing -- do they really need to sign a prenup before marriage?
The media reports regularly on celebrity marriages and divorces and the use of prenuptial agreements to determine the division of assets. However, any Florida couple considering marriage may want to deal with the sensitive issue of a prenuptial agreement before the wedding in order to minimize possible disputes in the event of divorce or separation.
While not all Florida couples decide to discuss what should happen to their personal assets prior to getting married, others make the point to have a prenuptial agreement drafted and signed. Prenuptial agreements can keep certain assets safe in the event that the couple later decides to get a divorce. However, certain things can render a prenuptial agreement invalid.
Florida residents who are thinking of remarrying might also be wondering if a prenuptial agreement is right for them. There are many benefits to having a clear prenuptial agreement, particularly if there are children from previous marriages involved and the prospective spouses want to prevent any disputes later on.
A divorce can be a complicated and emotional time for both parties, but it might be even more so if one spouse owns a business. This is because a spouse may be entitled to some stake in the company unless the proper steps are taken. Two ideas to consider are a prenuptial agreement and a postnuptial agreement. A prenuptial agreement may override state property division laws and are generally respected as is by divorce courts.
Although it is common to approach marriage from the viewpoint that it will last, divorce is a significant reality for many couples, and property division decisions can be contentious. Planning for the possibility may limit difficulties if the issue arises, especially if you have significant assets or own a business that could be affected by divorce action later on. The use of a prenuptial agreement may enable you to define separate holdings and to create a plan for property division if you later divorce. By not planning carefully through a prenuptial agreement, you could be required to split important holdings with your partner.
In Florida, prenuptial agreements, called premarital agreements, are a type of contract people enter into prior to the marriage that become effective once the marriage occurs. Couples can sign agreements regarding such things as spousal support, property rights, division of assets, choice of law covering the agreement and how life insurance proceeds will be distributed in the event a death occurs. Premarital agreements cannot contain a clause adversely affecting the right of a child to future support, however.
The wife of a billionaire hedge fund manager is countering her husband's divorce by trying to declare their prenuptial agreement invalid. The divorce began in the summer of 2013 after the couple had been married for 11 years. The agreement would prevent the wife from gaining much from the divorce; sources say that she would be entitled to only $50 million, which is about 1 percent of the husband's net worth.
Many couples in Florida approach their wedding day with a sense of anticipation and vigor. While the number of people marrying who have a prenuptial agreement in place is unknown, using one to delineate ordered expectations before, during and at the end of marriage is growing.
In Florida, couples who are contemplating getting married may enter into a premarital agreement that will become effective as soon as the couple gets married and for which the marriage serves as sufficient consideration. Premarital agreements generally allow the couple to determine on its own how property will be divided if the couple is to get divorced. While such an agreement may not cover the amount of support a child may receive in the event of a divorce, it may be possible to waive the responsibility of either party to provide spousal support.