Why Should I Sign A Prenuptial Agreement?
When a couple divorces, their marital assets are divided. Any assets obtained during the marriage are subject to division, as are assets that one party owned prior to the marriage that changed in value due to the spouse’s effort, such as a home’s value increasing after years of the couple improving the property and paying down the mortgage.
If a couple does not agree to a specific asset division plan, the court has to divide their marital assets according to the doctrine of equitable distribution. This can be a tedious, complicated process and when it is over, there is no guarantee that each partner will have the assets he or she wanted most. When a couple has a prenuptial agreement in place, they can avoid these issues. A prenuptial agreement is a document that a couple can use to state how their finances are to be handled during their marriage and how they are to be divided in the event of a divorce or one partner’s death. Below are a few ways a couple can use a prenuptial agreement:
To Designate Specific Assets at Separate and Marital
Without a prenuptial agreement in place, assets obtained or developed during a marriage are marital property. Assets owned prior to entering the marriage and those obtained as gifts or inheritance are separate property.
A prenuptial agreement can designate certain assets as separate or marital property. For example, if one partner owned a home prior to being married, he or she may state in a prenuptial agreement that the home is to remain separate property in the event of their divorce, meaning that the spouse has no right to a share of its value.
To Make the Divorce Process More Straightforward
Dividing assets and debts can be complicated. A prenuptial agreement can provide straightforward, simple guidelines the couple and the court can follow to divide their assets, eliminating conflict between the partners.
In Florida, individuals may also waive their right to seek spousal support in a divorce through a prenuptial agreement. This is not the case in all states.
To Ensure your Children Receive their Fair Share of your Assets After your Death
Prenuptial agreements are particularly common with individuals in their second and later marriages because often, these individuals have children from their first marriages. In a prenuptial agreement, an individual can state how his or her assets are to be divided following his or her death. When they are used in this manner, prenuptial agreements underscore their signers’ estate plans.
Work with an Experienced Tampa Divorce Lawyer
When you are preparing to marry your partner, discuss the value of signing a prenuptial agreement with him or her. Signing a prenuptial agreement is not a plan to divorce, it is a contingency plan for your divorce or death. To learn more about prenuptial agreements and other aspects of marital law, contact our team of experienced Tampa family lawyers at Bubley & Bubley, P.A. today to set up your initial consultation with us.