How Premarital Agreements Can be Useful
You may have had a conversation with friends or family about premarital agreements in the past and left feeling like maybe they aren’t for you. While premarital agreements have a negative connotation, younger couples are starting to adopt them more and more. Why is that?
Young couples are more likely to accept premarital agreements because they’re finding out that they’re not only for wealthy couples, but anyone can use an agreement to negotiate complicated matters.
Keep reading for the facts about premarital agreements in Florida.
What is a Premarital Agreement?
A premarital agreement is a contract between an engaged couple who plan on getting married. These agreements are generally used to resolve complicated issues that you otherwise wouldn’t be able to agree on if you were to get a divorce.
Premarital agreements can be used to decide on the financial terms of your divorce and can reduce the amount of time it can take to finalize a divorce. You can address certain issues like property and asset division, spousal support, retirement, and more.
What are the Requirements for a Premarital Agreement?
The requirements for a legally enforceable premarital agreement in Florida include:
The agreement should be a written document.
Both parties must agree to sign the agreement.
Both parties must disclose their financial situation.
Meeting the requirements for a legal premarital agreement is a small step in your journey towards protecting your financial future once you get married. You may be wondering if a premarital agreement is for you and your current situation.
Who Should Get a Premarital Agreement?
Most couples should consider getting a premarital agreement. They’re not only for wealthy couples to protect their assets but also for normal couples who have certain assets they deem valuable. Here are some examples of reasons you should consider getting a premarital agreement:
You have premarital assets you want to protect if you get a divorce.
You owned a business before getting married that you want to keep separate.
You have children and you would like to protect their future inheritance if you get divorced.
You want to protect your ability to request spousal support during a divorce.
You want to protect your rights to life insurance if your spouse passes away.
After you have determined that you are interested in getting a premarital agreement, you and your fiancé should discuss the issues you want the contract to cover.
What Issues Do Premarital Agreements Generally Cover?
As long as your agreement doesn’t break the law, most things can be included in an agreement. Usually, contracts cover your financial rights and responsibilities during and after your marriage. A premarital agreement can cover the following situations.
Protect your ability to manage property during your marriage.
How your property is divided if you were to get divorced.
If your fiancé should pay spousal support if you get divorced and for how long.
What happens to your retirement plan or pension.
Whether you should be required to carry out the full terms of your agreement.
While a premarital agreement can be used for many reasons, there are some issues that can’t be covered using this kind of contract.
What Issues Aren’t Covered by Premarital Agreements?
Premarital agreements can’t be used to resolve issues related to child custody and child support in Florida if you get divorced. Child support and custody agreements are determined by a judge. The amount of child support that can be paid is also calculated by a judge based on your future spouse’s ability to pay.
If you are unsure about how a premarital agreement can work for you, we recommend that you consult with a knowledgeable attorney for more information.
How Can a Family Law Attorney Help?
An experienced family lawyer can not only help you with your case, but our attorneys at Autumn Beck Blackledge PLLC can help you feel comfortable with your decision to sign a premarital agreement by helping you make an informed decision.
Contact our team today at (850) 404-7263 to ask any questions about your agreement and to begin negotiating terms today.