Floridians who decide they would like to protect their assets and property before a marriage will often have a prenuptial agreement. There is a baseline knowledge about prenuptial agreements, but people will frequently fail to have a full understanding of exactly what the agreement entails, particularly at the time of the divorce. At the end of a marriage in which there is a prenuptial agreement, many factors must be understood when settling the matter based on the agreement. A previous blog post discussed when these agreements are unenforceable. Other important matters must be known.
The prenuptial agreement - also known as a premarital agreement - is an agreement between the spouses as they plan to marry. It will go into effect when they are legally married. Their property under the agreement will include real or personal property and income and earnings. It is required to be in writing with both parties signing it. In the agreement, the following will be part of the contract: each party's rights and obligations of property regardless of where it was acquired or located; the right to sell, use, transfer or do anything else with the property; the disposition of the property when the couple separates, the marriage ends or there is a death of one spouses; establishing, modifying, waiving or eliminating spousal support; the creation of a will, trust or other agreement for the provisions to be carried out; ownership rights and disposition of death benefits from a life insurance policy; the choice of the law that will govern the agreement and its construction; and any other issue that does not violate state law.
Child support will not be affected by a prenuptial agreement. The agreement will go into effect when the couple is legally married. After the marriage, the agreement can be changed, revoked or abandoned if there is a written agreement that both parties have signed. If the marriage is voided, the premarital agreement can only be enforced to the extent at which it avoids an inequitable result.
Having a grasp of the consequences and laws regarding prenuptial agreements is a key before, during and after the marriage. Assistance with any matter related to a prenuptial agreement is key. Speaking to an attorney who is knowledgeable about a dispute, property division and any other issue related to a prenuptial agreement can help with a case.
Source: leg.state.fl.us, "61.079 Premarital agreements.," accessed on Feb. 7, 2017