Discover why post-nuptial and prenuptial agreements are becoming more practical and easy in 2020.
An increasing number of couples entering a marriage with already established financial stability. Post nuptial and prenuptial agreement are prepared to legally protect both spouses. Nowadays, a marriage is like a financial arrangement, so it is important to have a plan in place if that arrangement is dissolved. A legal premarital or post marital agreement provides clear legal guidelines to each spouse after a divorce. Alternatively, a prenup or postnup could protect the final wishes of a spouse if one dies without first executing a valid will.
Many people enter a marriage with meaningful assets or children from a previous marriage. A prenup agreement allows soon to be spouses the ability to decide important financial marital issues up front, avoid potential legal conflict and gain peace of mind. There could be challenges that arise in relation to these assets or child support.
Although a pre-nup is a highly flexible instrument, not all prenup agreements are created equal. A poorly conceived contract might not hold up in court if challenged. The best agreements must be based on full and fair disclosure. Each party should have adequate knowledge and a meaningful opportunity for independent legal counsel review before signing the document.
A postnup agreement is much like a prenuptial agreement. Postnuptial agreements address similar issues but are prepared and executed after marriage by a divorce lawyer or family law firm.
A standard agreement under Florida law may include:
- Defining, restricting or waiving alimony rights
- Specifying or clarifying assets as separate
- Defining indebtedness as those of one spouse or the other
- Documenting one person’s payments toward the other person’s indebtedness
- Defining certain spousal support or property division rights in terms of the length of the marriage
- Addressing the disposition or retention of business assets, pensions or investments
- Providing a lump sum settlement in lieu of alimony and property division
- Clarifying the property rights of either spouse’s adult children from a previous marriage or relationship
In order to be enforced, a premarital contract must be substantially fair both in its terms and in the way it was negotiated and signed. This generally means that you must allow or receive ample time for review, legal advice and careful thought about the terms and what you’re being asked to give up.