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Premarital agreements not just for the paranoid

On Behalf of | Jul 11, 2014 | Prenuptial Agreements

So, you are thinking about a Florida prenuptial agreement. Not too many years ago, the use of a premarital agreement signaled a lack of confidence in the relationship for one or both parties. Today, however, prenuptial agreements are viewed as prudent contracts that can help protect those with a family business or with a significant gap in family wealth. Further, prenups can protect children who were borne of previous marriages, along with sentimental or inherited property. The advantages of a prenup are manifold — but how do you make sure that yours is as ironclad as it ought to be? Experts say there are a few considerations to make sure that your prenuptial agreement is properly executed.

First, it is important to remember that prenups are contracts. That means that the contract cannot be created under duress, nor can it involve any kind of fraudulent information. Premarital agreements must be signed and drafted by the two partners, and notarizing the signatures is a smart decision.

Further, premarital agreements most often require partners to offer an account of all of their personal property to their beloved before they sign the prenup. It is also helpful to note that although prenuptial agreements can help with asset protection and property division, they cannot determine child custody or child support. Instead, courts will work to determine the best interests of the child, which is outside of the scope of a property division agreement.

Your prenuptial agreement needs to be carefully drafted so that it is clear and concise. Determine, for example, whether there is a difference between the person who owns an asset and the person who simply benefits from it. Separate and jointly owned property needs to be identified, and its future should be delineated in the prenuptial provisions. With the help of a family attorney, you can make sure that your treasured assets are protected by a prenuptial agreement well before you hear wedding bells.

Source: The Huffington Post, “A Premarital Agreement Primer,” June 21, 2014