As we noted in our immediately preceding blog post, prenuptial agreements are steadily on the rise in Florida and elsewhere throughout the country.
Although that certainly doesn’t mean that a marital contract is customarily executed by most couples prior to marriage, a growing appreciation for what such an agreement can do as a planning device is evident. Many family law attorneys note that increasingly more persons are contacting them for information about marital agreements and for help in executing them.
The reasons why are evident and many, and centrally include the following:
- Protection is being sought for assets being brought into a marriage (e.g., savings accounts, real property and family heirlooms)
- One of the partners in an upcoming marriage owns a business
- Children, and perhaps grandchildren, exist from a prior marriage
- There is a great disparity in wealth between partners
The above considerations reflect but a few concerns among many others that can be identified and addressed in a well-considered and carefully drafted prenuptial agreement.
Commentators frequently stress, as does one financial adviser, that a marital contract can be logically construed “as a business arrangement or as an insurance policy to help remove some of the emotion that’s naturally involved.”
In other words, a high-quality prenup can go far toward promoting confidence and certainty in a new marriage.
Of course, that is only true if the agreement can withstand judicial scrutiny. Among other things, a prenuptial contract must be properly written, dated and signed by the parties. It must be free of taint from fraud and coercion, with full disclosure regarding its subject matter.
A family law attorney with significant experience in drafting marital agreements can answer questions and provide diligent representation in any contract-related matter.
Source: Bankrate, “Everything you need to know about prenuptial agreements,” accessed Jan. 27, 2014