How Do I Know If I Need A Premarital Agreement Or Not?
Often referred to as a prenup, a prenuptial agreement is a type of legal contract. It is a written document that is created by two individuals who are moving toward marriage. Often these documents will list the assets and debts that each person currently owns and who will retain those should the marriage end.
There is a misconception that premarital agreements are only useful for the wealthy, that they are a tool for the rich to keep assets should the union not last. While that is true in some situations, there are other couples who benefit from these agreements. To learn more about drafting a premarital agreement and to decide if it would be prudent for you to take this step, talk to a West Palm Beach family attorney.
Children and Debt Protections
One of the many reasons why individuals choose to design a prenup is to protect their assets for children from prior relationships. With the guidance of an attorney, you and your partner can outline within a contract what assets, from property to investments, are for the children. If this isn’t carefully spelled out, it is possible a large portion of the assets will go to one of the individuals in the event of a divorce. Additionally, estate plans need to be drawn up so assets intended for the children do not get go to a surviving spouse if one person passes unexpectedly.
And assets are not the only financial issue that can lead to the need for a prenuptial agreement. If the individuals involved have a large amount of debt, from business ventures, for example, a legal document can shield the other individual from that debt load should the marriage end.
Experiencing Divorce In the Past
If one or both of the people entering the union have been married before, it is also possible the couple will be interested in a premarital agreement to avoid a long, volatile, and costly divorce. While people often don’t believe a high conflict divorce could happen to them, those that have already been through one know how destructive, emotionally and financially, they can be. Deciding how property and alimony will be handled in advance can actually alleviate pressure on the couple entering a marriage.
In order for an agreement to be binding, all of the following must be true:
- Contract entered voluntarily, by both individuals.
- All assets and debts were disclosed and accounted for.
If you entered an agreement before you married and it can be disputed because there were hidden assets, legal action is possible. Talk to a West Palm Beach family attorney to learn more.
Have you thought about bringing up the topic of a prenuptial agreement but aren’t sure what should be included? Securing your future is an essential part of life. Connect with the seasoned legal team at Bruce S. Rosenwater & Associates to discuss your situation. Prenups are a resource many rely on, our Florida lawyers can help you determine if it is a legal tool that could work for you and your soon-to-be spouse. To get started, book a consultation with a qualified attorney.