4 Frequently Asked Questions About Prenuptial Agreements In Florida
Prenuptial agreements have been in existence for a long time. However, there are still many people who do not understand who should get a prenuptial agreement and the rules regarding prenuptial agreements. There are still a lot of myths out there about prenuptial agreements.
Clients and potential clients ask a lot of questions about prenuptial agreements. The following are four of the most frequently asked questions.
Are Prenuptial Agreements Enforceable?
Indeed, a prenuptial agreement can be considered unenforceable. But prenuptial agreements are enforceable. A prenup is enforceable as long as it is prepared and executed in accordance with the law. Florida has adopted the Uniform Premarital Agreement Act that makes prenuptial agreements enforceable if done correctly. For example, a prenuptial agreement must be in writing for it to be enforceable.
A prenup will not be enforceable for, among others, the following reasons;
- One of the spouses signed the agreement involuntarily
- Fraud, duress, or coercion was involved
- The agreement was “illegally unfair” when the parties signed it
Who Should Get a Prenuptial Agreement?
Often, people assume that prenuptial agreements are for wealthy people who have a lot of assets to protect. This is far from the truth. A prenuptial agreement is not just a tool for the wealthy. The following people, and many others, can benefit from getting a prenup;
- People who own assets prior to the marriage that they wish to protect from distribution during a divorce.
- People with children from previous relationships.
- People who would like to pre-determine if one spouse will pay the other alimony in the event of a divorce.
- People with business interests that they wish to keep separate from their partner if divorce happens.
What Issues Can a Prenuptial Agreement Cover?
As long as the agreement you are entering into does not violate public policy or the law, you can include that agreement in a prenup. But usually, prenuptial agreements are used to cover spouses’ financial rights and obligations during marriage and in the event of divorce. The following are some of the most common issues that are covered in prenuptial agreements;
- Each party’s ability to manage and control assets during the marriage
- How property will be divided in the event of a divorce
- What happens to proceeds from life insurance policies
- What happens to each spouse’s pensions or retirement plans
Also, if you have a pet, you will be happy to know that you can include an agreement concerning your pet in your Florida prenuptial agreement.
Can a Prenup Determine Child Support or Affect Time Sharing?
In Florida, a prenup cannot be used to determine child support. Neither can it affect time sharing. It is usually up to the courts to make decisions regarding time-sharing and child support. For example, as it pertains to child support, a Florida court must determine who should pay child support and how much should be paid at the time of divorce based on the current abilities of the spouses to pay and the child’s current needs.
Contact an Orlando Prenuptial Lawyer
If you have questions or need help drafting an enforceable prenup, do not hesitate to get in touch with an Orlando prenuptial agreement lawyer at Arwani Law Firm.