Getting married to your partner is an exciting and momentous occasion that marks the next step of your life together. But while joining forces in holy matrimony is wonderful, it does come with extra responsibilities and considerations — especially when it comes to assets.
After you get married, there are laws in place dictating ownership of certain assets and how that pertains to your relationship. While no one ever wants to think about the prospect of divorce when they’re planning on marrying someone they love, it’s important to be prepared and enter into an agreement you both feel comfortable with.
That’s why prenuptial agreements exist. Designed to protect both parties financially, prenuptial agreements dictate what happens to your assets should you ever part ways. It helps both people understand where they stand.
What Is the Purpose of a Prenuptial vs. Postnuptial Agreement?
A prenuptial agreement is a written agreement between a couple prior to engaging in marriage. The purpose of this agreement is to detail what will happen to the assets of both parties should the marriage end in divorce.
A postnuptial agreement is similar to a prenuptial agreement but is made after a couple has been married. Just like with a prenuptial agreement, a postnuptial agreement is a written agreement between two people that details how their assets are divided if the marriage ends.
Prenuptial and postnuptial agreements aren’t just for things that you own. They concern other financial elements, including trust funds, inheritance, assets from a previous marriage and more. Prenuptial agreements can also detail how debts and business assets will be handled.
What Are the Benefits of Having a Prenuptial and Postnuptial Agreement in Florida?
Prenuptial and postnuptial agreements are designed to protect prospective spouses. In the event of divorce, ownership rights are clearly detailed, helping the divorce process move along smoothly. A prenup clearly identifies who owns which marital assets, so there’s no need to fight over who gets the house or how the stocks and other assets will be split.
If you’re dealing with a challenging spouse, you don’t need to worry about staying in a marriage out of fear of losing the majority of what you own. Prenuptial and postnuptial agreements allow you the freedom to leave the relationship if it’s not right for you anymore.
Prenuptial agreements can also ensure a couple’s assets are split fairly. Divorce proceedings can bring out the worst in people due to the high amount of stress, so dividing up your assets without having negative emotions involved can lead to a much more effective process and fair settlement. This helps you avoid unnecessary conflict when parting ways.
How Can a Prenuptial and Postnuptial Agreement Be Used to Protect Both Spouses’ Financial Interests in the Event of a Divorce or Separation?
Prenuptial and postnuptial agreements detail your financial rights at the time of divorce. This can be especially helpful when one partner is earning a significantly higher amount of money than the other, helping to protect what they’ve worked long and hard for.
This also protects other partners, such as mothers who stayed home and raised their children. These women often have to quit their jobs to look after their little ones, leaving them with no income or savings. Prenuptial and postnuptial agreements can ensure both parties are left with important assets, allowing them to continue to be financially stable despite the marriage coming to an end.
What Should Be Included in a Florida Prenuptial & Postnuptial Agreement?
While it may feel daunting to detail all of your financial obligations in a Florida prenuptial or postnuptial agreement, it can actually be one of the healthiest steps to take when choosing to marry your partner. The more you include in a prenup agreement, the better.
Here’s what you should include in a Florida prenuptial or postnuptial agreement:
- Information about each party
- Individual assets and debt of each party
- Joint assets and debt
- Family property
- Inheritance
- Property division
- Income information
Some prenuptial and postnuptial agreements also include information about work. A common element of many prenup agreements detail that both spouses should continue to work in the event of divorce.
While this may seem scary, it will give you the peace of mind needed to know what your financial rights are when you enter into marriage. The unfortunate reality is that nearly half of all marriages end in divorce. Prenuptial and postnuptial agreements keep you protected should this ever happen to you.
Get in Touch with Our Team Today
Whether you’re engaged to be married or already married to your partner, our team at Peak Legal is here to help you with all of your prenuptial and postnuptial agreement needs. Get in touch with us today to find out more.