The Pro and Cons of Signing a Prenup
For couples about to get married, the decision on whether or not to enter into a prenuptial agreement is an emotionally charged topic. Partners are often hesitant to bring it up with their prospective partner out of fear of giving the wrong impression. A prenup is not an early indicator of a divorce, nor does it have anything to do with the quality of your relationship. In many cases, it helps to protect both people, but there are some potential drawbacks you should discuss with your attorney prior to signing. The following lists advantages and disadvantages you may want to bring up during this discussion.
Advantages of Prenuptial Agreements
A prenuptial agreement requires each person to disclosing any individual property and assets they possess prior to the marriage. Getting this down on paper and discussing it with your partner can be an eye opening experience, particularly if one of them has more or less than the other previously thought. It can also help open the lines of communication regarding spending habits, philosophies about money, and the manner of living each person expects to enjoy during the marriage.
Time advises that even if you do not own property or have significant assets in financial accounts, a prenuptial agreement is still a good idea. Additional benefits these types of legal documents provide for couples include:
- Helps to disclose any current debts either party has;
- Allows you to accomplish some basic estate planning, in the event of an unexpected illness or injuries;
- Can ensure any children from previous relationships are provided for;
- Protects any future inheritances you are likely to receive.
Simply sitting down and discussing a prenuptial agreement is a benefit itself, as money is one of the main issues married couples fight over. By being realistic in acknowledging the high divorce rate and expressing your attitudes about financial matters right off the bat, you lay the groundwork for open communication while preventing future misunderstandings.
Disadvantages Once a Prenup Is in Place
The major disadvantage associated with a prenup is that it is a legal document, therefore it is legally enforceable in court. Once you sign it, it can be difficult to overturn without your spouse’s permission. Under Florida’s Uniform Premarital Act, the only reasons a judge is likely to consider disregarding your prenup in the event of divorce proceedings include:
- You were forced or coerced into signing it;
- The actual agreement itself is fraudulent or you entered into it under fraudulent terms;
- The prenup is unconscionable, meaning it is extremely unfair and unduly benefits one party over the other;
- It did not fully disclose the total amount of assets the other party possessed.
Contact Us Today for Help
Before entering into any contract in which you are signing away certain rights, reach out and contact attorney Vanessa L. Prieto first. As an experienced Fort Lauderdale prenuptial agreement attorney, we can arrange a consultation to discuss your situation and to make sure any agreements you enter into are in your best interests.