How Having A Prenuptial Agreement Can Benefit People You Care About
Many couples shy away from creating a prenuptial agreement. They may insist that it puts a damper on their romance or reveals one of the partner’s reluctance to making a life time commitment. They may also see it as unnecessary due to a lack of property or assets, or owing to their willingness to share what they do have with their new spouse. The fact is that premarital agreements are a smart move for couples of all ages and backgrounds, and the impact often reaches beyond your relationship. A well thought out prenup drafted by an experienced family law attorney can serve to protect family members and business associates outside of your marriage.
Six Ways Your Prenuptial Agreement Protects Others
Under Florida’s Uniform Premarital Agreement Act, a prenup is more than just a list specifying who gets what in the event the marriage does not work out and the couple ends up getting divorce. As a legal contract, these agreements can address each of the spouse’s rights and responsibilities during their marriage in regards to their roles and their rights when it comes to buying, selling, or managing property. A prenup can even address issues that could arise in the event they are seriously injured or suffer an incurable illness.
One area that is often overlooked is the impact a prenuptial agreement can have on your other family members or business associates. Five ways in which your prenup can serve to protect others include:
- Outlines expectations and responsibilities: Your prenup can outline expectations and establish clear guidelines concerning personal rights and responsibilities in your home, which can impact any stepchildren or other relatives who may reside with you on a temporary or permanent basis;
- Identify premarital assets: Family homes, land, jewelry, furnishings, and other objects should be inventoried to establish and preserve them as premarital assets, so they can remain with your family in the event of a divorce. .
- Protect yourself from your spouse’s debts: You can protect yourself against liability from your spouse’s debts, preserving your property and assets for you, as well as any of your heirs or beneficiaries.
- Protect business ownership rights: Even a business you owned prior to marriage can end up as marital property if your spouse contributed either money or their labor to it on a regular basis. You can specify business rights and duties in your premarital contract and protect your business partner from outside interference or having the business be divided in the event of a divorce.
- Estate planning and end of life issues: While you will still need to create a will and other estate planning documents, you can waive spousal rights to an elective share of property under the Florida Probate Code, while specify beneficiaries, the executor of your estate, and any final wishes you may have. This can save your spouse, your friends, and other family members from potentially contentious disagreements that often occur over end of life and inheritance issues.
To discuss premarital agreement options which may apply in your situation, contact the law offices of Vanessa L. Prieto and request a consultation with our Fort Lauderdale family law attorney.