Prenuptial agreements are not just for the very wealthy. As more people get married later in life, the chances that you and your partner will bring separate wealth or debts into your marriage are higher. In order to set clear expectations about finances going into marriage and to protect their rights, more couples are signing prenuptial agreements before they get married. The Aikin Family Law Group are family lawyers in Orlando, Florida who may be able to assist you with your prenuptial agreement. If you are engaged to be married—congrats. Now might be the time to begin discussing your financial future together.
What Should be Included in a Prenuptial Agreement?
Disagreements about finances are among the leading causes of divorce. One way to prevent surprises in this area of your life is to have a frank discussion about finances before you get married. A great way to start this conversation can be through a prenuptial agreement, or through the process of signing a prenup. Because the process requires both parties to disclose their assets, debts, and wealth, a prenuptial agreement gives couples the chance to set clear expectations regarding finances. A thorough prenuptial agreement can help you address some of the toughest financial concerns that can arise in your marriage. The Aikin Family Law Group are family lawyers in Orlando, Florida who can help you craft a thorough prenuptial agreement that can protect your rights. What are some things that should be included in your prenuptial agreement?
- Clarify which property is separate property. If you own real estate, have a retirement account, or have investment accounts, a prenuptial agreement can make clear which property you want to bring into the marriage, and which property is owned by each partner. If you plan to have your partner move into your home once you get married, a prenuptial agreement can make clear whether your real estate will be considered marital property or your separate property. For example, if you purchased your home before getting married, a prenuptial agreement can make clear that the home would remain yours were your marriage to end. If you have retirement, savings, or investment accounts, your prenuptial agreement can also clearly outline which accounts are yours and which will be shared in the marriage.
- Clarify which debts will be shared and which debts are separate. If you and your future partner are bringing debts into the marriage, it may be wise to clearly outline which debts are separate debts and which are shared debts. If your partner is still in school, you may also want to make clear in your prenuptial agreement how student debts will be handled. While some student debts might be considered separate debts during divorce, some student loan debts might be considered a shared burden, depending on when the student loan was incurred.
- Protect children from previous marriages. If you have children from a previous marriage and want to make clear what assets would go to your children should you pass away and which assets will go to your partner, a prenuptial agreement can address these issues.
- Clarify which state’s laws you want to govern a divorce should you ever get divorced. Things can change during marriage. You may move to another state. Each state’s divorce laws can be different and these differences can impact your rights. A prenuptial agreement can clarify which state’s laws will apply for your divorce.
- Clarify how property will be divided during divorce and how alimony will be addressed.
These are just some of the issues that can be addressed in your prenuptial agreement. The Aikin Family Law Group are Orlando, Florida family law lawyers who can review your financial situation and help you draft a prenuptial agreement that is right for you and that will protect your rights. Contact our firm today.
Your Obligations When Signing and Drafting a Prenuptial Agreement in Orlando, Florida
If you’ve been engaged to be married, congrats! Before you send out wedding invitations, now is the time to consider drafting a prenuptial agreement. The Aikin Family Law Group are family law attorneys in Orlando, Florida who can help you with your prenuptial agreement. Here are some rights and obligations you might have if you are thinking of entering into a prenuptial agreement:
- The prenuptial agreement must not be signed under duress. This means that you cannot put a prenuptial agreement in front of your future partner the night before you get married and expect it to hold up in court. A prenuptial agreement must be freely entered into by both parties. This means giving both parties time to consider their rights, read over the agreement, and get their own counsel.
- Each of you should have your own attorney. Each of you should have your own lawyer review the agreement before signing. The Aikin Family Law Group are family law attorneys in Orlando, Florida who can review your prenuptial agreement.
- Each of you must disclose all debts and assets. A prenuptial agreement is a great way to learn about your future partner’s true financial situation. Failing to disclose information before signing a prenuptial agreement could render the agreement invalid.
- The agreement must be fair. An agreement in favor of only one party generally won’t hold water in court. The agreement must protect the rights of both parties.
These are just some of the concerns that must be addressed when drafting a prenuptial agreement. Errors in the agreement or failing to properly sign the agreement can result in the agreement being rendered invalid. The Aikin Family Law Group are family law attorneys in Orlando, Florida who can help you draft a sound prenuptial agreement, answer any questions you might have, and take steps to help you protect your rights.
Getting Divorced? Need a Lawyer to Review Your Prenuptial Agreement?
If you are getting divorced and have a prenuptial agreement, you may want to have a lawyer review your contract to help you understand your rights as you move forward with your divorce. A prenuptial agreement can impact many aspects of your divorce, including division of property, real estate, and alimony. Contact The Aikin Family Law Group, divorce lawyers in Orlando, Florida today to learn more.