In the United States, nearly half of all marriages end in divorce. In Florida, the divorce rates are even higher than average. If you’re planning a trip down the aisle, it’s in your best interests to enter into a prenuptial agreement. A prenuptial agreement is a written contract between intended spouses prior to the marriage. It sets forth each party’s rights and obligations during the marriage, as well as in the event of death or divorce. Here are the ways that you can benefit from a prenuptial agreement:
- Disclosing net worth — In a valid prenuptial agreement, each party must give a full disclosure of his or her net worth. This includes the accurate value of assets, liabilities and incomes. By engaging in full disclosure, each party enters the marriage with a complete understanding of their partner’s financial state.
- Protecting assets — A prenuptial agreement allows parties to protect their individual assets. By defining certain assets as separate property, these assets are not subject to the equitable distribution of marital property upon divorce.
- Protecting inheritance rights — Protecting an inheritance is importance if either party has children from a previous marriage. When crafting a prenuptial agreement, you should also update your estate planning documents. This ensures that children or other loved ones inherit exactly what you intend them to upon your death.
- Address marital obligations — A prenuptial agreement allows the parties to outline their personal rights and obligations during the marriage. This can include many issues, such as:
- The division of household chores
- The payment of expenses
- Whether to file joint federal income tax returns
- Fostering communication — It may be uncomfortable to discuss a premarital agreement with your future spouse, but it’s a practical exercise in communication. By tackling difficult issues head on and early, it may even lead to a stronger marriage.
If you’re planning a marriage, contact an experienced Orlando prenuptial agreement attorney as soon as possible. This is an important legal document that should not be left for the last minute. Consult with a skilled lawyer with a proven track record.