Why to Create a Prenuptial Agreement
Couples may enter into a Florida prenuptial agreement before their marriage for a number of reasons. One of the essential benefits of creating a prenuptial agreement is that, in the event of a divorce, the spouses have already agreed on the financial aspects of their separation. Although a prenuptial agreement may be contested in some Florida divorce cases, many people value the certainty and security afforded by a valid prenuptial agreement. If you are wondering how this kind of agreement may be advantageous in your situation, the Law Office of Stephen J. Press can assist you. Our West Palm Beach premarital agreement lawyers handle all aspects of these documents, from negotiating and preparing the agreement to enforcement.Why to Create a Prenuptial Agreement in Florida
A prenuptial or premarital agreement is a written contract entered into by two individuals before their marriage to each other. The prenuptial agreement sets out the financial and property rights of each spouse should they divorce. By agreeing to these issues before marriage, the parties potentially save themselves from spending time, money, and energy litigating these issues after the marriage ends. The decision to create a prenuptial agreement depends on the financial and personal situation of each individual. Some of the commonly recognized benefits of a Florida prenuptial agreement are listed below. A skilled family law attorney can help you determine if any of these benefits would apply in your situation.Control the Terms of Alimony
In Florida, there are multiple types of alimony that may be awarded by the presiding judge, many of which are based on the length of the parties’ marriage, among other factors. Rather than dealing with the issue during divorce proceedings, the spouses may agree to the terms and the amount of alimony through their prenuptial agreement. In so doing, the parties have the flexibility to customize the arrangement that works best for them.Estate Planning Purposes
Florida law provides generous benefits to a surviving spouse upon death, including an elective share of the decedent’s estate. The elective share encompasses both separate and marital property, as well as the decedent’s inherited property. In addition, the surviving spouse is given the right to an existing Florida homestead property. Through a prenuptial agreement, the parties can agree to waive or eliminate these statutory spousal entitlements. The prenuptial agreement may also provide a predetermined amount of assets and property following the death of a spouse.Preserve Your Business
Prenuptial agreements are frequently used by business owners to establish the spouses’ respective rights in the income derived from the business during the marriage. While the business itself may be a premarital asset, money earned by the spouses during the marriage is usually considered marital property subject to equitable division. A prenuptial agreement can expressly state which parts of the business, if any, will remain non-marital property.Protect Your Separate Property
Separate property, such as assets that you acquired before marriage or an inheritance passed to you at any time, typically remains your sole property after a divorce. However, depositing separate funds into a shared joint account, using separate funds to pay for marital expenses, or using marital funds to pay for improvements to your separate property are some examples of commingled property that may be subject to equitable division in the event of a divorce. By identifying your separate property in a prenuptial agreement and expressing an intent that it remain as such, you may protect your inheritance and separate property from becoming a marital asset.Contact a West Palm Beach Lawyer for a Prenuptial Agreement
At the Law Office of Stephen J. Press, divorce attorneys Stephen J. Press and Jessica Mishali can help you decide whether creating a prenuptial agreement in West Palm Beach is right for you. We represent individuals in a range of family law issues in Broward, Palm Beach, and Martin Counties, including in Fort Lauderdale, Boca Raton, Boynton Beach, Delray Beach, Jupiter, Royal Palm Beach, Wellington, Pembroke Pines, Davie, Plantation, Stuart, Hobe Sound, Coral Springs, Hollywood, Hallandale Beach, Pompano Beach, Indiantown, Palm City, Jensen Beach, and many other locations. Request a free consultation by contacting the Law Office of Stephen J. Press online or by phone at (561) 833-2772.