If you are planning a wedding, there are many things on your mind, but protecting your future financial interests may not be one of them. Engaged couples rarely consider the benefits of a contingency plan before marriage, but it is actually an easy, smart step for Florida couples of all income levels.
A prenuptial agreement is a legal document that will not only address financial matters in case of a divorce, but can also include other matters that may be important to you and your spouse.
Who needs a prenup?
While prenuptial agreements between celebrities and other wealthy individuals often capture significant media attention, they are a wise choice for people of any income level. Protecting yourself is not a luxury reserved only for the wealthy, but is an option for any person who wants to do the following:
- Protect a family business
- Clearly identify separate property
- Protect an expected inheritance
- Eliminate litigation in case of divorce
- Ease the complication of a potential court battle
A prenuptial agreement cannot eliminate every issue that may arise in a divorce, but with this protection in place, it may help you avoid the cost and stress that often accompany disputes over spousal support and property division.
Important factors to consider when drafting a prenup
Drafting a prenuptial agreement will involve conversations over sensitive issues that involve money and finances. These conversations and discussions are an important part of drafting an enforceable prenuptial agreement, and it is critical to consider the following when drafting this document:
- Spousal support
- Future projected income
- Distribution of marital debt
- Division of assets accumulated over the course of the marriage
- Student loan debt
- Other issues that may be unique to the couple
These agreements are beneficial for all types of couples, but are especially popular for a person or couple entering into a second or subsequent marriage. A prenuptial agreement can also protect assets and money designated for children from a previous relationship.
Lay the foundation for a strong financial future
Drafting a prenuptial agreement may not seem romantic, but it may be a practical step for you. Many couples avoid this step because they believe that it is like making a plan to divorce, but that is simply not the case. Rather than planning on the marriage failing, drafting a prenuptial agreement can initiate important conversations between two soon-to-be spouses, as well as provide peace of mind regarding the future.