What cannot be missing in a prenuptial agreement?
Our office is constantly working on divorce cases. One of the most important advice we give our clients is that before getting married, they sign a prenuptial agreement. If you are thinking of making a prenuptial agreement, in this blog we explain the clauses that should not be missing from it.
A prenuptial agreement, also known as a premarital agreement, is a legal contract that is signed before a marriage to determine the division of assets and property in the event of divorce or separation. In Florida, prenuptial agreements must comply with specific requirements in order to be legally valid and enforceable.
Identification of Assets and Debts
The first thing that must be included in a prenuptial agreement is a comprehensive list of assets and debts that each spouse is bringing into the marriage. This includes any property, real estate, investments, bank accounts, retirement accounts, and any other assets that either party may have. Additionally, any debts such as credit card debt, student loans, and mortgages should also be listed. This information is important because it will be used to determine the division of property and assets in the event of a divorce.
Waiver of Alimony
In Florida, prenuptial agreements can include provisions that waive or limit a spouse's right to receive alimony in the event of a divorce. This can be an important consideration for individuals who have significant assets or income prior to the marriage and want to protect those assets in the event of a divorce. However, it is important to note that Florida courts may not enforce provisions that completely eliminate a spouse's right to receive alimony.
Division of Property
The prenuptial agreement should also include provisions that detail how the property will be divided in the event of a divorce or separation. This can include a percentage-based division of assets, an allocation of specific assets to each spouse, or any other division that the parties agree upon. It is important to be as specific as possible in these provisions to avoid any ambiguity or disputes in the future.
Inheritance and Estate Planning
The prenuptial agreement can also address how each spouse's inheritance and estate planning will be handled in the event of a divorce. This can include provisions that protect a spouse's inheritance from being subject to division in a divorce, or that provide for certain estate planning arrangements such as trusts or life insurance policies.
If either spouse owns a business prior to the marriage, it is important to include provisions in the prenuptial agreement that address how the business will be valued and divided in the event of a divorce. This can include provisions that protect the business from being subject to division, or that provide for a buy-out or sale of the business in the event of a divorce.
The prenuptial agreement can also address how debts will be divided in the event of a divorce. This can include provisions that allocate responsibility for specific debts, or that provide for a percentage-based division of debts. It is important to be as specific as possible in these provisions to avoid any ambiguity or disputes in the future.
Modification and Termination
Finally, the prenuptial agreement should include provisions that address how the agreement can be modified or terminated. This can include provisions that require both parties to agree to any modifications or that allow for modifications to be made in the event of a significant change in circumstances. Additionally, the agreement should address how it can be terminated, such as through a mutual agreement or in the event of a divorce.
If you need help putting together your prenuptial agreement, don't hesitate to contact us today. At Y. Morejon Attorney, P.A. we can help you with your family case. Here, your problem is our problem.
Any information made available by the lawyer or law firm is for educational purposes only, as well as to give you general information and general understanding of the law, NOT to provide specific advice. This does NOT create a relationship attorney-client between you and Y. Morejon Attorney, P.A. This information should NOT be use as a substitute for competent legal advice from a licensed professional attorney in your state.