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What are the main benefits of a prenuptial agreement?

Believe it or not, prenuptial agreements can often prevent future conflict between married couples if drafted carefully. This is probably one of the top benefits of putting these documents into place. When approached with thoughtfulness on the part of each spouse, they can go a long way towards preventing problems. A prenuptial agreement can also offer a predetermined solution if conflict does occur.

Good prenuptial agreements create specific terms regarding the property rights of each spouse. Commonly-known for their use by the wealthy, prenups can also protect average citizens and are not just for those with great wealth. Here are a few of the benefits a prenuptial agreement can offer to married couples:

-- Outline each spouse's financial responsibilities and rights during marriage

-- Prevent property disputes if divorce occurs

-- Prevent one spouse from assuming the other spouse's debts

-- Protect each spouse's individual assets

-- Specify how property will be distributed upon death

Without a prenuptial agreement in place, either spouse may have to rely on the state's laws to determine how a couple's property is managed if divorce becomes an issue. Florida is an equitable distribution state, which means that while the courts will distribute property equitably, it does not mean the distribution will be split in half. As such, it is possible for one spouse to emerge from divorce with more property than the other spouse. Prenuptial agreements can prevent this from occurring.

If you are considering a prenuptial agreement, it is crucial for the document to be drafted with care in order to provide you with the best security. Instead of taking on this task yourself, you might consider speaking with an attorney about helping you create this important legal document.

Source: FindLaw, "Can Prenuptial Agreements Help You?," accessed July 20, 2016

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