Important Considerations Regarding Prenuptial Agreements
Many couples begin their marriage with considerable assets. Before tying the know, it is important to consult with an experienced attorney to address issues such as marital and estate planning in your prenuptial agreement.
Florida’s Uniform Premarital Agreement Act (the “UPAA”), allows parties to reach a binding contract on the following:
- The parties’ rights and obligations to any assets and liabilities.
- The right to buy, sell, use, transfer, or dispose of any property.
- The distribution of property upon separation, dissolution, death, or other event.
- The parties’ right to alimony
- The making of a will or trust
- The disposition of life insurance proceedings.
Although a prenup may address the above issues, it generally does not or cannot include the following:
1) Custody, religion and schooling of child(ren).
2) Visitation of children.
3) Child support.
4) Anything “illegal”.
5) Anything that is thought to encourage divorce.
Myths surrounding Prenuptial Agreements
Just a “man’s world “-
It is a well held belief that only men want prenuptial agreements. This is simply not true. A prenup is a way to set expectations of your relationship with your significant other. A working woman may insist that her prenuptial agreement include provisions to compensate her if she is going to stay home and raise children. Her reason for spousal support is not abnormal, as a break in the career world could be costly to her in the future and lower the household income.
It’s not only for the rich-
Also, take into consideration that a prenuptial agreement is not only for the wealthy. During a divorce, there are high legal fees combined with the stress to figure out a plan for your future. Think of a prenuptial agreement as insurance. Sure you hope to never have to use it, but if you do, you’ll be glad you have it and you will end up saving money.
Here at The Bowes Law Group, we have experienced attorneys to help guide you through the prenuptial process.