Prenuptial agreements are one of the most controversial matters when couples are pursuing marriage, but they can in fact have positive effects in the case that divorce does occur. Though not the most romantic of documents, they can help couples determine their own financial destiny.
Florida States refers to these documents as premarital agreements and they are contracts between a marrying couple on how certain issues will be treated in the event of divorce or even death. It lays out the financial terms in a contract as a trade for the act of marriage. Therefore, the agreement takes effect when the couple legally marries.
Who Should Get a Premarital Agreement?
In the past, prenups were primarily used for wealthy individuals. More recently, however, couples are using these documents to maintain certainty about their financial futures. If you and your future spouse have the following circumstances, you may want to consider a prenuptial agreement:
- Own assets you want to protect from the state’s division process
- Have children from a past relationship and you want to protect their inheritance
- Have business interests you want to keep separate
- Want to predetermine who, if anyone, will pay alimony
How to Make Sure Your Contract is Enforceable in Florida
Florida uses the Uniform Prenuptial Agreement Act (UPAA) to assess the validity of a prenuptial agreement. There are several rules used to help the courts, such as that the agreement must be in writing and signed by both parties. If either spouse can prove any of the following, the prenuptial agreement will not be enforceable:
- He / she did not voluntarily sign the agreement
- He / she signed the agreement because of fraud, duress or coercion
- The agreement was unconscionable at the time that the couple signed the agreement
Every couple’s situation is unique and is an independent decision. If you would like legal advice as to whether or not a prenuptial agreement is right for you, contact our firm at once!