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Protecting You and Your Spouse
When it comes to planning a wedding, protecting your assets might be the last thing on your mind. However, creating a prenuptial agreement before your marriage protects both you and your spouse in the event of a divorce. Thinking about the end of your marriage before it begins can be difficult for some people; however, a prenuptial agreement is beneficial for both parties and can give you the peace of mind you’re looking for in this new chapter of your life.
Prenuptial agreements must be legally valid to be enforceable. If you’re considering creating a prenuptial agreement, working with an attorney is the best way to ensure your assets are protected and that the agreement holds up in court. Bloodworth Law, PLLC is here to assist you with all your prenuptial agreement needs. Contact us today at 407-449-8958 to learn more about our services.
What is a Prenuptial Agreement?
A prenuptial agreement, also called a “prenup,” is a legal document signed by two parties who are planning on getting married. A prenup dictates the rights and responsibilities of each party in case of divorce or death. Prenuptial agreements are made to protect any assets you come into the marriage with and also preserve your rights as a spouse if the marriage ends.
Prenuptial agreements are unique to each couple. There’s no template or standard prenup that you can use for your own agreement. Instead, you and your spouse will each work with an attorney to determine what’s important to you and how you can include that in your agreement.
Florida prenuptial agreements are private and remain confidential between spouses and their legal representatives. Prenups do not get filed with any local agency, and many couples choose to keep their agreements confidential.
What Does a Prenuptial Agreement Cover?
When drafting a prenuptial agreement, it’s essential to understand what information to include and what can’t be included. While prenups are unique to every couple, there are laws that dictate what must be included for the document to be legally binding.
When creating a prenup, you can include the following:
Assets and Liabilities
Each party should include a full accounting of all of their assets and debts. In the prenup, you and your spouse can include instructions on how assets should be distributed and how debts should be paid in the event of a divorce.
Inheritance Rights
Your prenup can include instructions for transfers, events, or other considerations that should happen if either you or your spouse passes away. Including these instructions in a prenuptial agreement allows you to avoid your state intestacy laws, saving your family time and money.
Alimony
Alimony payments, also called spousal support, are made from the higher-earning spouse to the lower-earning spouse during or after divorce. Many couples include an alimony agreement in their prenup if one spouse plans to stop working or take a hiatus in their career.
Business Interests
Any spouse who enters the marriage with a pre-existing business can include instructions for what happens to the business in case the marriage ends. Individuals who have long-standing business interests may decide to retain full ownership rights.
Gifts
Gifts and inheritance that aren’t included in a prenup may be subject to division if you get a divorce. You can include stipulations for individual gifts in your prenup agreement.
What Can a Prenuptial Agreement Not Cover?
Prenuptial agreements are powerful tools that help protect both you and your spouse. However, there are certain terms and agreements they cannot legally include. Writing any of these terms into your prenup can threaten the legality of the entire document.
You cannot include the following in your prenup:
Child Custody Arrangements
If you and your spouse have children (or plan to have children), you may be tempted to include child custody or child support agreements in your prenup. The law does not allow you to include these stipulations, as a judge must always decide what’s best for your children in the event of a divorce.
Illegal Activities
Because this is a legal document, you cannot include any instructions relating to illegal activities. Including information relating to criminal activities can have legal ramifications.
If you have any questions about what you can and cannot include in your agreement, contact our attorneys today. We can help you draft a prenup and ensure it protects your rights.
Who Should Have a Prenuptial Agreement?
Prenuptial agreements have an unfortunate reputation as being tools for wealthy people. However, that is not the case. There are many reasons why you would want a prenup in place before marriage, no matter what your financial status is.
Prenuptial agreements are good ideas if either of the spouses:
- Have children from a previous marriage
- Have an interest in a business, including a family business
- Is anticipating an inheritance
- Has been divorced
- Has substantial debt or plans to incur substantial debt
Talking about these issues with your future spouse can seem difficult. By working with a professional on our team, you can stress the importance of a prenuptial agreement and how it would benefit both of you in the long run. Our team is committed to normalizing prenuptial agreements for all couples.
What Makes a Prenuptial Agreement Legally Valid?
Just like there are certain things you must include in your prenup, there are also specific ways you must write and sign the document so it holds up in court. If your prenup does not follow these rules, it could be considered invalid, leaving you without protection in the event of a divorce.
To be legally binding, a prenup must meet the following requirements:
- It is written (oral prenups are not accepted)
- It is signed willingly and voluntarily by both spouses
- The instructions are reasonable and conscionable
- The agreement is validated by marriage
When couples with a prenup get divorced, it is not uncommon for one spouse to attack the validity of the agreement. There are a few reasons why a prenup may be thrown out, all of which relate to the terms above.
The most common reasons prenups are deemed unenforceable include:
Duress
Spouses will often claim duress or stress the fact that they did not sign the agreement willingly. Short deadlines between the presentation of the prenup and the marriage date, a lack of an attorney, or a lack of funds could be logical arguments for duress.
Lack of Disclosure
Spouses are required to disclose their assets and their debts before a prenup is signed. People who fail to disclose all of their assets put the prenup at risk. Spouses who feel that they did not receive a proper disclosure can file a Motion to Set Aside the Prenuptial Agreement.
What Are the Benefits of a Prenuptial Agreement?
Prenuptial agreements give couples the peace of mind they need to enter into their marriage. Security and clarity are invaluable, and prenups offer defined rights and responsibilities for both parties.
Other benefits of prenuptial agreements include:
- Protection of individual assets, gifts, and inheritances
- Prevention of future disputes over assets
- Protection of the financial stability of children from previous relationships
- Protection of business ownership and interests
- Do You Need a Prenuptial Agreement Attorney?
Creating a prenuptial agreement sets up the right foundation for you and your future spouse. It protects your assets and gives you a clear picture of your financial future together. If you’re interested in creating a prenuptial agreement, talk to a prenup attorney on our team.
At Bloodworth Law, PLLC, we will meet with you to learn more about your current situation and your goals for the future. We can answer your questions about prenups, including what instructions and terms you can cover and what must be left out. We can also discuss approaching the subject with your spouse to ensure they are on board.
Prenuptial agreements are beneficial for everyone. To learn more about prenups and how our team can help, contact our law firm at 407-449-8958.