A prenup is an agreement created to protect each spouse’s assets, decide on debt distribution, and protect each party’s overall financial stance. This agreement is made before marriage – you can also get a postnup after marriage – and it outlines how various items will be handled should the couple get divorced.
The cost of a prenup in Florida can vary greatly depending on several factors, including the amount of assets involved, the complexity of the needed prenup, and the lawyer’s experience.
Prenups have become increasingly more important over time. Laws and regulations can change at any time, but if you want to choose your own rules for your divorce and you document those rules and your prenup is valid, then those are your divorce terms.
A prenup is prepared at a time when each spouse loves each other, and hopefully everything stays that way, and the prenup never has to be used. If you find yourself going through a Divorce in Florida, having a prenup in place can help you leave the marriage on pre-set terms versus dealing with a complicated mediation or going to court.
Asking for a prenup does not mean you do not love your spouse.
This is a common misconception. Getting a prenup is a practical step, like buying insurance. You hope to never use it, but it’s comforting knowing it’s there. It promotes open dialogue about financial expectations, which can, in turn, strengthen the relationship.
Is it reasonable to ask for a prenup?
Absolutely. Prenuptial agreements help ensure both parties enter marriage with a clear understanding of financial expectations. A prenup is not about expecting a marriage to fail or not trusting your spouse. Prenups allow each spouse to be prepared and communicate with one another. If unforeseen circumstances arise, such as a divorce, having an agreement in place can make the process smoother. For those with significant assets, consulting an experienced high-net-worth divorce attorney can also provide insight.
A prenup can also determine how debt will be split should a divorce occur.
This is an often-overlooked benefit and is invaluable if one spouse has an unknown accumulation of debt that occurred during the marriage. Without a prenup, the non-debt accumulating spouse would be at risk of being financially responsible for half or a portion of that debt.
What does a fair prenup look like?
A fair prenup should be balanced, reflecting the wishes of both parties without leaning heavily in favor of one side.
This means detailing how assets, debts, and properties will be divided. If applicable, the prenup should also address spousal support or alimony.
Vital components of a prenup often include:
- Disclosure of assets and debts: Full transparency ensures both parties make informed decisions.
- Asset division: Detailing how assets will be divided in the event of a divorce, including physical properties, investments, cash assets, or any applicable marital asset.
- Financial responsibilities: Outlining who pays for what during the marriage can prevent misunderstandings later on.
What should you not agree to in a prenup?
Prenups can be comprehensive; however, there are areas you should approach with caution.
- Waiving the right to alimony: This can be detrimental, especially if one spouse decides to take time off work to raise children or stop working or pause their career for another reason.
- Child custody and support: Courts decide this based on the best interests of the child, not what’s in a prenup.
- Anything illegal or that promotes divorce: Courts won’t uphold any terms that seem to incentivize divorce or contain illegal provisions.