In order to help you understand prenuptial agreements better, this article debunks some of the most common myths about prenuptial agreements in Florida.

Myth #1: Prenuptial Agreements Lead To Divorce

Divorces happen all the time, and the truth is that prenuptial agreements have nothing to do with the high divorce rate. Some of the most common causes of divorce include infidelity, arguing, money, lack of commitment, irretrievable breakdown in the relationship, and lack of intimacy.

With money being one of the most common causes of divorce, you will actually find that discussing money issues when creating a prenuptial agreement can help you prevent money issues in your marriage.

Myth #2: Prenuptial Agreements Only Cover Divorce-related Issues

This is one of the myths that cause many people to let go of the idea of signing a prenuptial agreement. However, it is not true that prenuptial agreements only cover divorce-related issues. You can discuss other issues in a prenuptial agreement. For example, you can discuss how bills will be paid or whether one party will be required to work. A prenuptial agreement can also discuss estate planning.

Myth #3: Prenuptial Agreements Are Only for the Wealthy

You have probably heard people say that only the wealthy create prenuptial agreements. But the truth is that you don’t have to be rich to sign a prenuptial agreement. While many people sign prenuptial agreements to protect their assets, there are many other reasons to sign a prenuptial agreement. For instance, in your prenuptial agreement, you could specify whether alimony is to be awarded during a divorce. You could also clarify specific obligations to each other during the marriage in a prenuptial agreement.

Myth #4: Issues of Child Support Can Be Decided in a Prenuptial Agreement

Child support issues cannot be decided in a prenuptial agreement. Issues regarding child support are usually decided during the divorce. When making decisions regarding child support, the court must consider the parents’ financial ability at the time of the divorce. Also, child support issues cannot be decided in a prenuptial agreement because child support is the child’s right and not subject to a parent’s preference. In Florida, a child’s right to child support can’t be adversely affected by a prenuptial agreement.

Myth #5: Prenuptial Agreements Are Unenforceable

Often, prenuptial agreements are enforceable. A prenuptial agreement will be enforced as long as it meets legal requirements. A prenuptial agreement is only unenforceable if it does not meet legal requirements. For this reason, it is crucial that you engage a qualified family law attorney when creating a prenuptial agreement. An attorney can ensure that you only sign an enforceable prenuptial agreement.

Contact Our Orlando Prenuptial Agreement Lawyer

If you need more information on prenuptial agreements or legal guidance before signing a prenuptial agreement, contact a qualified Orlando prenuptial agreement lawyer at Arwani Law Firm.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html

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.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html

There are several misconceptions surrounding prenuptial agreements, and one of them is that you cannot modify a prenuptial agreement after the marriage. Prenups are created by two people before they are married, so it makes sense to wonder, “Can you modify a prenuptial agreement after the marriage?”

Consult with an Orlando prenuptial agreement attorney to discuss your particular case and determine how you can change a prenup after the marriage.

Is It Possible to Modify a Prenup After the Marriage?

Yes, it is possible to modify a prenuptial agreement after the marriage. However, both parties must agree to the proposed modifications to change a prenup. Therefore, as long as both parties agree to change a prenuptial agreement, the process of modifying a prenup after the marriage is rather straightforward.

If you and your spouse agree to modify a prenuptial agreement, the amendment will be added to your prenuptial agreement as an additional page(s). After the change is made, it overrides a previous version of the prenup.

It is advisable to consult with an attorney to determine if you can modify a prenuptial agreement in your specific case. If you want to change a prenup, but your spouse wants to leave the document as it is, you will have to consider your other options.

You Can Invalidate a Prenup in Florida

Florida law allows parties to invalidate existing prenuptial agreements when certain criteria are met. This option makes it possible to change a prenup if your spouse refuses to modify the document.

When it comes to invalidating a prenup, you need to consider the enforceability of the document. A prenup may be deemed unenforceable for any of these reasons:

• The document was not properly executed
• It contains unlawful provisions
• Either spouse failed to disclose all of their assets and income when signing the document
• A prenup is unreasonable unfair
• The document was signed under duress or fraud
• It contains clerical errors

Contact an experienced attorney to review the terms of your prenup and determine if you can invalidate your document.

Creating a Postnuptial Agreement After the Marriage

If you have a prenuptial agreement you wish to modify after the marriage, you can change it by creating a postnuptial agreement. As its name implies, a postnuptial agreement is created after the marriage, not before.

You may want to consider creating a postnuptial agreement if there have been significant changes in your circumstances, wishes, and desires since the date you created the prenup. It is imperative to seek the legal counsel of a knowledgeable attorney to help you execute a postnup properly.

Schedule a case review with our Orlando prenuptial agreement attorney Rania Arwani at Arwani Law Firm to discuss how you can modify a prenup in your particular case. Call 407-254-0060 to get a consultation.

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:

1. 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.

2. 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.

3. 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.”

4. 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.

Resource:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

While there are many benefits of drafting a prenuptial agreement, you must also be aware of the limitations of a prenup. If you want to create a valid prenup, do not hesitate to get legal help from an Orlando prenuptial agreement lawyer to ensure that the prenup you sign is legally binding.

What You Can Include in Your Prenuptial Agreement in Florida

The following things can be covered in your prenuptial agreement:

• Making a distinction between separate and marital property. If you owned property and assets prior to the marriage, you could protect them by creating a prenup and making a clear distinction between separate and marital property. Without this provision, your spouse could attempt to lay claim to your separate property in the event of divorce.
• Protecting yourself against the other spouse’s debts. A prenup could help you limit your debt liability to prevent creditors from going after you or your property if your spouse had any outstanding debt before the marriage.
• Protecting your family property, business, or even future inheritance. If you do not want a family heirloom, business, or future inheritance to be subject to equitable distribution, you can create a specific provision in your prenuptial agreement.
• Describing the responsibilities of spouses. A prenuptial agreement may also contain descriptions of the financial-related responsibilities, roles, and obligations of the spouses.
• Waiving rights to alimony. Unlike many other states, Florida law allows people to waive their right to receive alimony in prenuptial agreements.

What You Cannot Include in Your Prenuptial Agreement in Florida

The following are the things you cannot put in your prenuptial agreement:

• Provisions that violate public policies or federal or state law. Your prenup cannot contain any illegal provisions. If it does, the agreement will be deemed invalid.
• Decisions regarding child custody and support. Contrary to popular belief, prenuptial agreements cannot include provisions regarding timesharing, parenting plans, custody, or child support. Only the court can award child support based on the child’s best interests and other factors. The same can be said about any provisions regarding timesharing, visitation, parenting plans, or custody.
• Certain waivers of rights to alimony. Judges in Florida honor waivers of rights to alimony unless the spouse who waived the right becomes a dependent of the state, or there is proof that they waived the right under duress or fraud.
• Provisions that encourage divorce. If there are any provisions that seem to encourage parties to get divorced, the court may invalidate your prenup.
• Non-financial rules. A prenup cannot include rules about any non-financial behavior, responsibilities, or obligations of the parties.

Contact an Orlando prenuptial agreement attorney if you need help with creating a valid and legally binding prenup or want to challenge an existing agreement. Schedule a consultation with our family lawyer at Arwani Law Firm to determine what you can and cannot include in your prenup. Call at 407-254-0060 today.

https://www.arwanilawfirm.com/what-is-most-important-to-keep-in-mind-when-it-comes-to-prenuptial-agreements/

Prenuptial agreements are also binding insofar as they comply with the law. For example, any provision included that attempts to waive a duty to pay child support will be deemed unenforceable because the law dictates that it is in a child’s best interest to have financial support from both parents.

However, it isn’t always just the obvious laws that must be complied with in order to prevent litigation later on when it comes to a prenuptial agreement; court battles can also occur over retirement benefits, for example, as we discuss below.

Other Legal Requirements

One additional law that must also be complied with, for example, is the Employee Retirement Income Security Act (ERISA), which dictates that a married individual’s pension benefits under an employer retirement plan must be paid to their surviving spouse unless they have obtained a waiver and complied with very specific instructions, including the following:

• The spouse consents to the benefits being paid to someone else, in writing
• This consent is witnessed by a notary public or plan representative
• This named beneficiary is not changed later on without the spouse’s consent

As a result, simply dictating that a spouse will not be receiving retirement benefits from an employer-sponsored plan in a prenup is not going to be enough to stay out of court; an attorney who is working to ensure that the wishes of the prenuptial agreement are fulfilled must also ensure that the waiver requirements are taken care of at that same time.

Going to Court

When a prenuptial agreement and beneficiary forms dictate that benefits under an employer’s plan are to be left to a non-spouse, but ERISA’s specific waiver requirements have not been complied with (for example, the spouse never signed a waiver or consented to this person receiving the benefits in writing), different courts have ruled differently in terms of whether the named beneficiary has a right to sue the spouse to try and obtain these benefits. While some have ruled that a promise in a prenuptial agreement does not satisfy the requirements of ERISA and is therefore not binding, others have rejected this contention, finding that the lack of a valid ERISA waiver does not preclude the named beneficiary from pursuing a breach of contract action against the spouse who ended up receiving the benefits.

However, if this is necessary – and it only would be if the attorney who executed the prenuptial agreement failed to complete the waiver process under ERISA at the same time – it inevitably leads to claims and competing claims and long court battles; the lesson learned being that it is far better and easier to simply be as thorough as possible in completing any and all actions that complement the prenuptial agreement early on.

Contact Our Florida Family Law Attorneys to Find Out More

If you have any questions about prenuptial agreements and what is required to ensure that your wishes and goals are compliant with the law, contact our Orlando prenuptial agreement attorneys at the Arwani Law Firm, PLLC today to find out how we can help.

Resources:

dol.gov/general/topic/retirement/erisa

news.bloomberglaw.com/employee-benefits/insight-how-a-prenup-can-trigger-a-brawl-over-retirement-benefits

https://www.arwanilawfirm.com/do-i-need-a-prenuptial-agreement-if-i-dont-own-a-business-now-but-i-have-startup-ideas/

This is perhaps why there has been such a spike in a number of prenuptial been to being sought after by couples. People’s ideas of fairness when it comes to privately help businesses are changing and, when it comes to individual passions, agreements should reflect these passions. Unfortunately, that doesn’t mean that the judge won’t throw out your prenuptial agreement if it is drafted poorly. Sadly, this happens more frequently than you may realize.

What Venture Capital Firms Require to Protect Founders & Investors

In addition, when it comes to venture capital firms, founders often require legal language protecting investments in the event of divorce. In fact, not only do these protections apply to investments, but spouses often have to sign “spousal consent” forms as well, which can specify who votes for board members, when shares can be sold, who controls the company in any way after divorce, etc. This is because investors do not want to become involuntary business owners with someone they do not know and who may not be qualified. In fact, when it comes to some companies, the founder is the brand and that founder’s name and credibility is instrumental to investments. Caution sometimes even needs to be shown when it comes to keeping investors informed that a divorce is underway.

In this endeavor, it is helpful to know that companies to publicly traded can make divorce negotiations easier. One example of this is Amazon.com.

Work with A Prenuptial Agreement Lawyer Who Knows What They Are Doing

Still, that doesn’t mean that, when it comes to protecting startups and their investors, you don’t need to involve an attorney who knows the specifics and has experience in them because serious issues will come up; for example, how do you evaluate a startup, which, in its initial beginning, may not have any profits of revenue before but may one day be worth billions. Essentially, you have a large asset that is illiquid and one partner usually knows a lot more about that asset than the other.

The Orlando prenuptial agreement attorneys of the Arwani Law Firm PLLC have significant experience when it comes to drafting prenuptial agreements for all types of businesses, including startups that are very important to their visionary founders. Contact us today to find out more about our services.

Resource:

bloomberg.com/news/articles/2019-10-11/prenup-is-latest-must-have-for-tech-startup-founders-in-love

https://www.arwanilawfirm.com/what-are-the-basic-elements-of-a-prenuptial-agreement/

Regardless of your reasons, there are a number of guidelines that should be followed in order to ensure that the agreement is successful, as we discuss below:

Keep It Fair, Simple, & Truthful

First and foremost, both partners must be completely truthful and disclose everything to each other. Each individual also needs to be represented by their own attorney in order ensure that the agreement is fair. Finally, although they can be crafted to fit your particular circumstances, prenups should also be kept as simple as possible. For example, it’s best not to use a prenup to discuss what faith you want to raise your children in, where you plan to spend holidays, etc., and instead stick to basic financial and legal issues that could come up.

Basic Steps

Once you get started, these steps, at a minimum, should be followed:

• Get a good sense of your full financial picture, including inheritance and assets from your family members, and any student loans or other debts you might have. Each individual could also get a credit report on the other;
• Frankly discuss the issue of alimony (aka “maintenance”);
• Discuss whether each individual’s professional credentials are separate property subject to division, particularly if one person is still in the process of earning that credential and the other person plans to financially support them through it;
• Note that child support cannot be waived under the law, so it does not make sense to spend a significant amount of money or time addressing it in a prenup;
• Discuss bank accounts. Do you plan to keep separate accounts? Or just one joint account? This is where having an attorney is also very helpful, as they can advise you how to ensure that each person, going in, is financially protected regarding separate and marital property and assets;
• Talk about those sometimes questionable assets: retirement accounts, separate property, gifts from third parties, etc., as well as any prior liabilities incurred;
• Discuss any estate planning moves that might be wise, such as setting up a trust; especially if you have children from a prior relationship; and
• Make sure that you sign the agreement at least 30 days before the wedding so that there are no potential claims that the agreement should be invalidated due to duress.

Contact Our Florida Prenuptial Agreement Attorneys

When done correctly, a prenuptial agreement can be the safety net for a relationship that simply ensures that everyone is on the same page. Contact our divorce attorneys at the Arwani Law Firm, PLLC today to find out about our services assisting couples with these agreements.

https://www.arwanilawfirm.com/what-happens-to-my-pet-if-i-get-divorced/

However, you might also be surprised to find out that, not only are prenups on the rise amongst everyone, but they have the ability to protect you and very valuable property in important, unique circumstances, as we discuss below.

You May or May Not Like Equitable Distribution

First and foremost, Florida follows what’s known as “equitable distribution.” Note that this is not the same thing as equal distribution. While the law indicates that equitable distribution should seek to be as equal as possible, there are a number of additional factors that judges can take into account in justifying unequal distribution, including the contribution to the marriage by each spouse (including services as a homemaker and child rearing), the economic circumstances of the parties, the duration of the marriage, and others.

A prenup, however, can essentially allow you to dictate the circumstances of property distribution you want to follow, ensuring that the “legal landscape” is essentially the same as before you got married (if that is in accordance with your wishes; with the exception of omitting child support payments, which cannot be avoided). Whether you do or do not like your state’s law, you have the power to essentially dictate what governs your property via drafting your own agreement.

If You and Your Spouse Engaged In Unique Arrangements

Some other unique areas that prenups can address include:

• Student loans: if one spouse contributed to the other spouse’s student loan payments (through marital income, etc.), the paying spouse can arrange to be reimbursed;
• Provisions for your favorite pet(s): It may surprise you to find out that courts are reticent to step in and enforce (separate) pet custody arrangements. Therefore, addressing this in a prenup makes more sense;
• Frozen eggs and/or sperm: If you and your spouse froze eggs or sperm, that should be addressed in the event of divorce, not only to ensure that your ex does not use your “materials” without your consent, but just in case one individual wants to use their own materials (only) to start a family and the facility refuses to allow for that without first obtaining the signatures of both parties;
• Your interest in ensuring that your business is not split up and divided; and
• Any concerns you have about potential earning abilities changing.

Contact Our Florida Family Law Attorneys to Find Out More

When it comes to all areas of life—including marriage—having a plan in place to address important issues where things might go wrong is always wise. Sometimes these agreements can also prevent fights and expensive court battles later on.

If you have any questions about pre- (or post-) nuptial agreements, contact our Orlando family law attorneys at the Arwani Law Firm, PLLC today to find out how we can help.

Resources:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

marketwatch.com/story/frozen-eggs-student-loans-and-other-unexpected-reasons-to-get-a-prenup-2018-11-01

Wealth

First and foremost, the myth that prenups are only for the top one percent: in fact, prenups do not exist just to protect piles of cash. These agreements not only protect money, but assets, and essentially anything that is important to you, including pets, debts, items that are important for you to pass onto your children, etc.

Fairness

Another myth sometimes associated with these agreements is that you can structure them in any way that you like. Keep in mind that, while you can address a myriad of issues in prenuptial agreements (as long as it’s all legal), as a matter of public policy, there has to be a certain level of fairness involved, and it also cannot run contrary to law. So, for example, you cannot do away with child support in a prenuptial agreement because state law dictates that it is in the best interest of the child to be financially supported, and these agreements must be based on full transparency; otherwise, they could be thrown out by a judge.

Legal Representation, Timing, and Postnuptial Agreements

While you can have a strong influence on what your prenup says, again, getting back to principles of fairness, each side needs to have their own legal representation when it comes to entering into a prenuptial agreement. This also applies to timing, so do not save your prenup for the last minute. If a judge determines that it was signed due to duress or coercion, this can invalidate your agreement.

Another myth: if you missed the boat on signing a prenup before you got married, you’ve missed your chance. You can sign what’s known as a postnuptial agreement anytime after you get married and have it govern the exact same issues. Keep in mind, however, that any assets you’ve acquired in the years you were married before the agreement was signed (including income, retirement accounts, etc.) will be considered marital property.

Divorce

Not only does having a prenuptial agreement in place have nothing to do with being destined to divorce, according to the experts, prenups have no predictable impact on marriage whatsoever.

Flexibility

Prenups are also not just about divorce: Some people use prenuptial agreements to put forth the groundwork for an estate plan. These agreements can address financial expectations in any form, including in the event of your death. They are also more flexible than people may realize; prenups will always allow you to go further; for example, if you want to pay more in alimony than what you agreed to pay in your prenup, you always can.

Contact Our Florida Family Law Attorneys

If you have any questions about pre- or postnuptial agreements, contact our experienced Florida family law attorneys at the Arwani Law Firm, PLLC today to find out how we can help.

Resource:

businessinsider.com/prenup-myths-you-should-stop-believing-2018-10