4 Situations When You Should Get A Prenuptial Agreement (Prenup)
If you asked your partner, “Will you marry me?” or you were the one who said “Yes!” the thought of getting divorced is the last thing on your mind right now. However, engaged couples should consider getting a prenuptial agreement (prenup) before they walk down the aisle.
If you and your fiancé/fiancée are planning your wedding, you may also want to consider drafting a prenup. While many couples are reluctant to think about divorce before marriage, having a prenuptial agreement offers a wide range of benefits.
While every engaged couple can benefit from a prenup to get peace of mind, there are certain situations – four to be precise – in which it is strongly recommended to create a prenuptial agreement.
When Do You Need a Prenuptial Agreement?
In a nutshell, a prenuptial agreement is a legally binding and enforceable contract between the soon-to-be-spouses that spells out the division and management of assets and property upon divorce. A prenup specifies each spouse’s ownership rights in the event of divorce or death.
However, it is vital to ensure that your prenup is properly executed because Florida courts disregard invalid prenuptial agreements. If you are not sure if you need a prenuptial agreement or not, you should consider creating one if any of the following is true:
- You own a business
If you own a business, are in a partnership, or have shares in a company, it is advisable to create a prenuptial agreement to specify your spouse’s ownership rights. If you do not do this and your marriage ends in divorce, your spouse may be entitled to a portion (or even half) of your business.
- You already have children from previous marriages
If this is not your first marriage and/or you have children from previous marriages or relationships, consider drafting a prenup to protect your children’s rights. You can use a prenuptial agreement to specify which assets would be distributed to your children instead of being subject to equitable division upon divorce.
- You received an inheritance
If you inherited a substantial amount of money in cash or any assets before the marriage, it is essential to include them as part of your prenuptial agreement. While inheritance and gifts are not subject to equitable distribution laws in Florida under Fla. Stat. § 61.075, they may get commingled with your marital assets during the marriage.
If you expect to inherit any assets in the foreseeable future, it is a good idea to include those assets in your prenup to make sure that they remain your “separate property.”
- You and your partner have money arguments
If you and your soon-to-be-spouse disagree about money even before you get married, or you noticed different spending habits while dating, it is a good sign that you need a prenuptial agreement. Statistically speaking, financial problems are one of the most common causes of divorce in the United States, which is why addressing money-related issues in a prenuptial agreement can prevent possible disagreements during the marriage.
Contact an Orlando Prenuptial Agreement Attorney Today
If you are considering creating a prenup, schedule a consultation with our Orlando prenuptial agreement attorney at Arwani Law Firm to help you draft a valid and legally binding prenup. Call 407-254-0060.