A prenuptial agreement, often referred to as a “prenup,” is a legal contract that a couple enters into before getting married. This agreement outlines the division of assets, liabilities, and other financial matters in the event of divorce, separation, or death.
Who: Prenuptial agreements involve the two individuals who are planning to get married. Both parties must willingly agree to the terms of the prenup. It’s generally recommended that each party consults with their own attorney to ensure their interests are protected and that the agreement is fair.
What: Prenuptial agreements in Florida can cover a variety of financial and property-related matters, including but not limited to:
- Property Division: Determining how property and assets acquired during the marriage will be divided in case of divorce or separation.
- Debts and Liabilities: Clarifying how debts and financial obligations will be allocated between the spouses.
- Spousal Support (Alimony): Specifying whether either spouse will be entitled to alimony or spousal support and under what conditions.
- Inheritance and Gifts: Defining how inheritance and gifts received during the marriage will be treated in the event of divorce.
- Business Interests: Outlining the treatment of business ownership, partnerships, and other professional interests.
- Financial Responsibilities: Establishing financial responsibilities during the marriage, such as managing joint bank accounts and making financial decisions.
When: In Florida, prenuptial agreements are signed before marriage. The agreement becomes effective upon marriage. It’s generally recommended to have the prenup finalized well in advance of the wedding to ensure that both parties have sufficient time to review the terms, consult with attorneys if desired, and make any necessary adjustments.
Of note, prenuptial agreements cannot include terms related to child custody or child support as these are determined by the court based on the best interests of the child at the time of divorce or separation.
To ensure that a prenuptial agreement is legally valid in Florida, both parties should follow these guidelines:
- Full Disclosure: Both parties must fully disclose their assets, debts, and financial situations. Hiding assets or providing false information can undermine the validity of the agreement.
- Voluntary Agreement: The agreement must be entered into voluntarily by both parties without any signs of coercion or undue pressure.
- Fair and Reasonable: The terms of the agreement should be fair and reasonable at the time of execution. Agreements that are extremely one-sided may be challenged in court.
- Independent Legal Representation: While not strictly required, it’s strongly recommended that each party has their own attorney to review and advise on the agreement. This helps ensure that both parties understand the terms and their implications.
Contact Martha Mendez today by calling 786-636-8938 or by email: [email protected] to discuss your options with respect to prenuptial agreements.
