MIAMI, Florida. Prenuptial agreements are contracts signed (usually) before getting married that outlines how finances will be divided should the couple get divorced. Prenuptial agreements can clarify what property and debts belong to each individual in the couple, and which properties and debts will be shared. Why do couples choose to get prenuptial agreements? Here are five leading reasons why couples sign prenups.
- Prior marriage. According to the Knot, prior marriages can complicate a second marriage, especially if you have children from another marriage. If you have to pay alimony or child support payments, couples will often sign a prenuptial agreement to clarify each partner’s responsibilities, property, and finances. Couples will also sign prenuptial agreements to clarify what children from a first marriage will inherit should the partner die.
- Debt or wealth inequity. If one partner has much more debt or much more wealth than the other person, couples will often enter into a prenuptial agreement to clarify who owns what and how debt responsibilities will be handled during the marriage and also how they will be handled should the marriage end.
- One person owns a business. If you own a business, it may be wise to sign a prenuptial agreement. When couples divorce, division of business assets or profits can be complicated.
- If you leave your divorce financial settlement up to a judge, it’s possible that your finances could end up on the public record. For couples who want to protect their privacy, a prenuptial agreement is a great way to do this. If both parties agree about the division of assets before they get married, it could make the marriage healthier financially. Discussing assets and finances before you get married is always a good idea, and a prenuptial agreement can fast-track that conversation.
- One person will stay home to care for children. If one person in the marriage won’t be working, it is important to consider how assets would be divided or how alimony might be handled in this situation. A prenuptial agreement can allow both parties to plan accordingly.
If you are planning to sign or draft a prenuptial agreement, it is important that you and your partner take the time to do it properly. Consider hiring a prenuptial agreement lawyer like Sandy B. Becher, P.A. in Miami, Florida. Our firm can take the time to understand your wishes and help you draft an agreement that will be valid and accepted by the court.
According to Forbes, there are circumstances that can make a prenuptial agreement unenforceable. For example, the agreement must be formalized. A prenuptial agreement lawyer like Sandy B. Becher, P.A. can review your agreement and formalize it so that it will be more likely to be enforced should it be taken to court. Both parties should read the agreement before signing and it is generally wise to sign a prenuptial agreement soon after you get engaged. A prenuptial agreement signed weeks or days before the marriage could be later construed as arising under coercion. Who, after all, would want to call off a wedding they’ve paid thousands to plan? Don’t wait until the last minute. Finally, it is very important to be honest about your finances before signing a prenup. Hiding assets could lead to an unenforceable agreement.
Sandy B. Becher, P.A.
201 S. Biscayne Boulevard
Twenty Seventh Floor
Miami, FL 33131