Advantages & Disadvantages To Prenuptial Agreements
The concept of a prenuptial agreement is a controversial one, even in this day and age, when there are more and more couples choosing to have one. There are several potential advantages to having one, and few disadvantages in the legal sense – but the potential issues that do exist are significant for many. Every situation is different, but it is a good idea to investigate whether a prenup is right for you before executing one.
Can Dispose Of Multiple Issues
A prenuptial agreement is a contract between soon-to-be spouses, effective upon marriage, that establishes a plan for how certain financial and property-related issues will be resolved. Florida law allows most potential problems to be disposed of in a prenuptial agreement; for example, whether or not spousal support will be granted upon divorce, or the right to buy, sell, or otherwise transfer property by one or both spouses. The only thing that may not be disposed of in a prenup is the right to child support; state law holds that the right of support belongs to a child, not to its parents, and no one can waive a right that does not belong to them.
Positives To A Prenup
The main positives to having a prenuptial agreement come for those who have children or significant assets in their own right (or from a previous marriage), though they can be useful for those who simply do not want the possibility of a nasty divorce in their future. Without a prenuptial agreement, children of a previous marriage may be left out of a will, and assets that a person wishes to keep separate may wind up as marital property. A prenup is a specific set of arrangements that a couple can point to, so that important issues can be secure instead of being up in the air.
Another positive about having a prenuptial agreement is that each spouse is protected from the debts of the other. Florida is an equitable distribution state for purposes of marital asset distribution, meaning that upon divorce, the assets and debts accrued during the marriage will be divided equitably between the spouses (fairly, rather than 50-50 as in community property states). A prenup will let you define any significant debts your spouse had before the marriage as their own separate property, insulating you (at least in theory) from having to pay them.
Potential Negatives Are Few
There are potential drawbacks to having a prenuptial agreement, but the only one that may be legally significant is that they can be lopsided. It is not uncommon for a person in love to sign a prenup thinking that it will never be put into use, because they will never get divorced – in reality, even first marriages have a significant failure rate, and a prenup can become relevant when one least expects it.
Contact A Hollywood, FL Prenuptial Agreement Attorney
A prenuptial agreement can also be the opposite of romantic – but this is something that a good marriage can overcome. If you believe that a prenup may be right for you, contacting a Hollywood family attorney from the Law Offices of Steven A. Mason, P.A. is a good first step to get any questions answered. Contact our office today to speak to an attorney.