Years ago, the idea of a prenuptial agreement was only for the exceedingly wealthy looking to protect their fortunes. But in today’s world, prenuptial agreements are a sign of mutual trust and respect for every couple, regardless of their financial situation.
A prenuptial agreement is simply a contract between spouses written before marriage that lays out what will happen with regard to property and spousal support in the event that the marriage ends in divorce. While that doesn’t brim with romance, it does allow for protection of assets should things go awry. It may seem crazy to discuss the potential dissolving of a happy relationship while you are crazy in love, but consider this: it is a whole lot easier to discuss these financial matters while you ARE still crazy in love, rather than the possibility of needing to work things out later while you’re not particularly fond of each other, in what could become a bitter, lengthy divorce battle.
Rather than looking at the prenup as a sign of doom, it is actually a way to learn up front how your soon-to-be spouse handles finances. It also helps prepare you, as a couple, in how you intend to move forward with regard to finances. Laying financial matters bare and visible before tying the knot can be a perfect way to know in advance how your marriage will take on the strain of such things. These matters range from cash, to debt, to newly started businesses, to children from a previous relationship. All is laid out in the open so no frightening surprises rear their ugly heads down the line.
True fact: all marriages end, whether in death or divorce. Just like a Last Will and Testament guides the decisions and distribution of your property in the event of death, a prenuptial agreement guides the decisions and distribution of your property in the event of divorce. Planning ahead for the future is always wise.
Protect yourself. Learn about your intended spouse. Grow together in financial understanding. With the right attitude and an experienced family law attorney, the prenuptial process can be a painless and can bring you and your partner peace of mind.
If you are in Orlando or the Central Florida area, the lawyers at The Llabona Law Group handle prenuptial and postnuptial agreements, as well as caring and aggressive representation for divorce, alimony, child support, and other family law matters.
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Prenuptial agreements can be very useful for the couples who have them. In the event of a divorce, a carefully worded, thorough prenup can streamline the entire divorce process, can change the allocation of assets in a divorce, and insures that certain possessions or funds are protected. But not every couple’s situation requires a prenuptial agreement starting out. Not every couple necessarily wants one at the time of marriage. And some couples may not have been aware of the option to obtain a prenup at the time of marriage, or even had any idea what a prenup is and what it does. For these couples, and even for couples that do have a prenuptial agreement, postnuptial agreements are gaining in popularity.
Prenuptial and postnuptial agreements are similar in that each spouse must obtain his or her own attorney to represent them. Following Florida law, both partners must fully disclose all financial assets and agree on the terms of the contract. As the name implies, a postnuptial agreement takes place after the couple has been married.
While some couples obtain a postnuptial agreement for the sense of security the contract can provide, others may feel the need to obtain one after learning their spouse has a gambling addiction, an alcohol or drug addiction, or upon learning that their spouse is going to jail. If one spouse’s wealth increases dramatically, or if business matters change drastically, a postnuptial agreement may be a helpful tool. Other couples find themselves on the brink of divorce, yet are able to work things out once they have worked through a postnuptial agreement contract together.
Postnuptial agreements aren’t necessarily for everyone, but they can be a real lifesaver for those who do need them. If you are considering a postnuptial agreement, contact a postnuptial agreement attorney today. The right lawyer can help you protect your marriage, your children, and your assets.
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Marrying couples are long overdue for removing the stigma associated with prenuptial agreements. When will we stop regarding this critical legal aspect of marriage as merely ‘taboo’ and start recognizing it for what it really is – an intelligent arrangement between responsible adults.
We learn pretty early on in life that not everything is a fairytale. We need to wake up each morning and take responsibility for our own lives; going to work, paying the bills, making decisions that support our long term wellbeing. Prenuptial arrangements are part of the same package deal, however anti-romance they might seem by nature.
The reality is that 50% of marriages will fail in this current climate of marriage – one could certainly argue that having a prenuptial agreement in place is simply a matter of favoring the odds. We’re lucky that we have the ability to dissolve our marriages, especially when you consider how divorce used to be managed in America.
Divorce rates didn’t really increase until the turn of the 20th century. Prior to this time, it was taboo to divorce your husband or wife – even in cases of domestic violence or adultery. Once society reached a point where tradition was no longer regarded more closely than common sense, it became more acceptable for people to seek out a divorce.
What’s the point of this abbreviated tour through history? It’s simply that it’s only a matter of time before good judgment supersedes traditional expectations. Not to oversimplify the difficult subject matter of a prenuptial arrangement, but any responsible adult should welcome their partner’s wish to pursuit this aspect of their marriage.
You can’t plan for the unexpected so don’t find yourself left holding the bag if and when you’re headed for divorce. It’s time to stop approaching the subject of prenuptial agreements like a condemnation – in actuality, it’s ensuring you still have a foundation to stand on in later life.
A prenuptial agreement, commonly referred to as a prenup, is a contract a couple enters into prior to marriage that contains provisions for division of property, spousal support, forfeiture of assets and other conditions as well should the couple divorce.
One New York woman, Elizabeth Petrakis, signed a prenup days before marrying millionaire Peter Petrakis. Elizabeth claims her soon-to-be husband promised the premarital contract would be torn up as soon as children were born to the couple.
Unfortunately for Elizabeth, her husband did not honor his promise. Three children later, twin boys and a daughter, the prenup is still intact. For the past seven years, Elizabeth has been arguing with her husband to have the prenup torn up, which he refused to do.
Last month, her prenup was voided by a Brooklyn appellate court, which ruled that Peter misled Elizabeth and therefore ruled in favor of Elizabeth on the grounds of “fraud in the inducement.”
Elizabeth’s lawyer, after the court’s ruling, stated he was “unaware of a vacated prenup in the state of New York on these or similar grounds.”
In the State of Florida, a prenup or premarital agreement, is enforceable unless it can be proved that:
- The party did not execute the agreement voluntarily
- The agreement was the product of fraud, duress, coercion, or overreaching
- The agreement was unconscionable when it was executed
A prenuptial agreement offers a couple the opportunity to be open and frank about finances, assets and other property they bring into a marriage. A prenuptial agreement does not increase the likelihood of divorce, but does make things easier if the marriage does not work out. An experienced Florida prenuptial attorney can can explain the advantages of entering into a prenuptial agreement, and can also assist you in outlining the provisions of the contract as well.
Original story found here.
A prenuptial agreement is a contract entered into prior to marriage by a couple who are planning to marry. The usual content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of the breakup of the marriage. The contract can also contain terms for the forfeiture of assets if the divorce has been granted on grounds of adultery. There are times when the issue of guardianship is also included in a prenuptial contract.
In the past, judges in this country tended to disregard prenuptials agreements because they accepted the view that these contracts turned what was supposed to be the most intimate and sacred bond into a financial arrangement, but nowadays they are recognized, though they may not be enforced. In the United States, prenuptial agreements are recognized in Florida and the other 49 states, as well as the District of Columbia, and require five elements to be valid.
- the agreement must be in writing as oral prenuptials are generally unenforceable
- full and/or fair disclosure at the time of execution
- must be executed voluntarily
- the agreement cannot be unconscionable
- the agreement must be executed by both parties “in the manner required for a deed to be recorded”, which is known as an acknowledgment, before a notary public
In Florida as in other states, the prenuptial agreement, or as it is called in Florida, the Premarital Agreement, becomes effective upon marriage. The agreement can be amended, revoked or abandoned, but only by a written agreement signed by both parties.
Although no couple goes into a marriage thinking they may divorce in later years, unfortunately there is a fifty-fifty chance that divorce is in their future, and there are times when a premarital agreement can be quite beneficial.
A prenuptial agreement protects one party who enters into a marriage with a larger amount of assets than that of his soon to be spouse. It also protects the party who enters into marriage with a partner who has a high amount of debt in that after a divorce, the creditors will go after the owner of the debt and not his/her innocent partner. If one partner in a marriage should pass away, a prenuptial agreement could keep previously acquired assets separate from his/her current marital estate, ensuring that the children from a previous marriage receive part of the estate.