While it is not one of the most romantic topics to discuss with your life partner, having a prenuptial agreement in Florida is becoming as important as your wedding vows. They are no longer reserved for the rich and influential, but instead can benefit the financial well-being of an individual as well as that of the relationship. There are many influential issues to bear in mind when getting married, including, but not limited to, asset ownership and retention and real and personal property issues. It can be beneficial to the relationship if certain issues are addressed in advance.
There are a number of personal reasons why a couple should consider a prenuptial agreement such as:
- Peace of mind knowing that expectations are handled in advance.
- The agreement can help to maintain peace in the family.
- Divorce can be an expensive matter with many unresolved issues.
- Financial independence can maintain a happier relationship.
- Protection of pre-marital or separate property.
- Limit exposure to potential creditors by limiting debt liability.
- Protection of inheritance.
- Protection of children from earlier marriage.
These reasons are, of course, personal and vary between relationships, but apart from these personal reasons, a prenuptial agreement can serve other reasons. Allow us to discuss.
Maintain Control of Specific Property Assets
When entering into a marriage, it is possible that the parties involved come into it with separate property or pre-marital assets, investment property, personal property or a residence. One spouse may have assumptions and expectations that can lead to confusion; however, having a prenuptial agreement eliminates any ambiguities regarding the assets. When discussing a prenuptial agreement, the couple will uncover miscommunication or information that the other party did not know existed, giving them a chance to sort out the details of the assets in advance.
Maintain Separate Ownership of a Business
This will apply if one spouse is an entrepreneur, artist or business owner. A valid enforcement of a prenuptial agreement can help protect the appreciation of a pre-marital asset including the ownership of the business. By designating the business as separate property, it will help prevent losing a portion of the appreciated value of the business, if in the unfortunate case of a divorce. This may also afford a certain amount of protection to the employees of the existing business.
Address the Needs of a Blended Family
When the parties were married before, they may have children from an earlier marriage. A premarital agreement can help identify substantial upcoming expenses, such as college costs. It will also address spousal entitlements, inherited property and support your estate planning, in the event of death.
Income Support Mitigation
No one enters into a marriage thinking that it will end in divorce, but it is an unfortunate fact that divorce is a potential concern. A premarital agreement can alleviate a lot of uncertainties while addressing issues such as determining rights to asset growth, inheritance, fixed amount of alimony and estate issues. Establishing allocation of these issues will help alleviate a lot of potential confusion.
When negotiating the terms of the agreement, there may be strong emotions involved. In the end, the agreement helps solidify the partnership and helps to increase the success rate of the marriage. The prenuptial agreement will offer many benefits by protecting the rights and obligations of both parties. To get an effective, custom-drafted prenuptial agreement in Florida requires that the couple seek the expertise of an attorney. The professionals at Woodward, Pires & Lombardo, P.A. are here to assist. Please call Christopher Lombardo at (239) 649-6555 or visit www.wpl-legal.com for more information.