Five Considerations to Make Before Signing a Prenup
When two people get married, it is not uncommon for one party to ask the other to sign a prenuptial agreement. This is an agreement that determines who gets what in the event of a future divorce. These agreements are sometimes a source of bitter feelings, but some people believe they are important to the success of a marriage. People who have extensive assets usually wish to protect them. Florida, like most states, allows for prenuptial agreements. Before you get to signing a premarital contract, you should be aware of some nuances. Here are some considerations you should make before you sign the paper.
You Will Need an Attorney
If you plan to make a premarital agreement, you will need to work with a Fort Lauderdale family law attorney. An attorney will help ensure both future spouses are protected and the agreement is valid. It is best for each spouse to have a separate lawyer though not necessary. In a future divorce, if only one attorney was involved in drafting the agreement, it may not be enforceable.
A Prenup Cannot Affect Future Children
Some people may wonder if a prenuptial agreement can impact future child support or custody battles. The child has the right to child support, not the parents. Parents cannot negotiate a child’s future before the marriage or birth even occurs. These issues will be settled upon separation.
Get a Complete List of Each Party’s Assets
The primary function of a prenuptial agreement is to protect individual assets from distribution during a potential divorce. Each party should have an adequate list of savings accounts, investments, pensions, and even future income. Failure to gather this list could lead to a failure of the prenuptial agreement. The agreement is more likely to be enforceable if both parties agree to submit a complete list of individual assets when drafting the agreement.
Get it Done Early On
The prenuptial agreement should be complete and in the hands of both parties several months before the marriage takes place. This gives the other party the chance to look over the agreement and decide whether or not they wish to sign it. Remember the other party’s attorney needs a chance to look over the agreement. In general, you should give more time for more assets. However, six months to a year in advance might be too much. A comfortable timeframe for courts is about a month prior to the marriage.
It Can Get Thrown Out
Not all prenup agreements will hold up in court. The other party may claim duress or improper disclosure. These can be difficult to prove. That is why it is essential each party has his or her own attorney when signing a prenuptial agreement.
Contact a Fort Lauderdale Family Law Attorney
Prenuptial agreements are a highly debated topic, especially for future spouses. They can be useful in protecting large individual assets, but they can impact the view one party or the other takes on the marriage. If you want to sign a prenuptial agreement before your marriage, speak with an experienced Fort Lauderdale family attorney. Contact the law office of Edward J. Jennings, PA today to discuss your prenup.