How Do Prenuptial Agreements Work?
A prenuptial agreement, also known as a “prenup” for short, is essentially a contract between two prospective spouses entered into before marriage. Prenuptial agreements allow couples to decide how their property will be divided if they ever divorce. In Florida, prenuptial agreements can address many additional issues that may arise in a divorce— for example, alimony and the responsibility of debts.
What are the Benefits of a Prenuptial Agreement?
Entering into a prenuptial agreement before getting married in Florida has many benefits. Most importantly, with a valid prenuptial agreement prepared by a Florida attorney, the parties determine what occurs with their property rather than leaving that decision in the hands of a Florida divorce court judge.
With a prenuptial agreement, you can protect your real estate, a business, financial accounts, stocks, pension, 401k, and more.
Furthermore, a party in Florida may even waive, limit, or eliminate types of alimony (i.e., spousal support, also known as spousal maintenance) via a prenuptial agreement.
In addition, a prenup can address the parties’ debts. If a spouse has debt before entering the marriage or incurs additional debt after marriage, the prenuptial agreement can delineate which spouse is responsible for such debt.
Moreover, under Florida law, a spouse has unique estate and homestead rights that can interfere with the deceased party’s estate plan. However, with a properly prepared prenuptial agreement by a Florida attorney, you can divide up your assets according to your will, trust, or other estate plan, as opposed to your spouse, as per operation of law. Of course, you can always include your spouse in your will if you so choose. For example, if you desire to leave certain assets to children from a prior marriage and leave other assets to your spouse, you can do so via your will or other estate planning tool. The bottom line is that each spouse can determine how their individually owned property would be distributed to their heirs.
Are Prenuptial Agreements Enforceable?
Florida courts routinely recognize and respect properly drafted and executed prenuptial agreements. However, an attorney licensed in Florida, with experience in drafting these instruments, is crucial in achieving the goal of a valid and enforceable prenuptial agreement. There are specific best practices that must be followed under the advice of a licensed attorney to ensure that you have an effective prenuptial agreement that withstands any potential future challenge in a divorce. For example, the agreement must be entered free of duress or coercion and cannot be unconscionable.
Along those lines, we have devoted our practice to marital agreements, and when you become a client at Novak & Novak P.C., you benefit from our expertise.
For more information, call 800-600-2840 for a free one-on-one consultation with an attorney today.
What are the Requirements of a Prenuptial Agreement?
In Florida, a prenuptial agreement must be signed by the parties in writing. It is important and prudent that each signature be witnessed by two disinterested witnesses and that the parties’ signatures be notarized.
Note: Although the execution of the prenuptial agreement, as delineated above, seems simplistic. It is imperative that you have an attorney oversee the execution of the agreement, as courts have invalidated agreements that lacked the proper execution.
It is critical that all assets be fully disclosed between the parties. The complete disclosure of assets demonstrates that both spouses entered into the prenuptial agreement voluntarily and with full knowledge of the rights that they are waiving.
It is important for a Florida attorney to advise and instruct you on how to most accurately disclose all your assets and liabilities so that you can completely protect yourself within the prenuptial agreement.
Can I Obtain a Prenup Right Before the Wedding Date?
The timing of the execution and signature of the prenuptial agreement as it relates to the wedding date is a very common question we receive from our clients in Florida. For obvious reasons, you do not want to hand your prospective spouse a prenuptial agreement the day they walk down the aisle. The classic “timing question” depends on several factors and is best answered by a qualified and experienced Florida attorney based on the totality of your circumstances.
If your wedding date is fast approaching, do not simply believe what you read online or from non-attorneys. In time sensitive scenarios, all is not necessarily lost. Call the expert attorneys at Novak & Novak P.C. at 800-600-2840 for a free consultation.
Note: At Novak & Novak P.C., we offer an expedited rush service when time is of the essence.