What are some benefits to having a prenup in Florida?

Valentine's Day is coming up, and it is a time to celebrate love. Those in Orlando who are engaged to be married may be looking forward to a romantic holiday followed by a walk down the aisle later in 2018. However, one part of getting married that is not so romantic, but is very practical, is executing a prenuptial agreement.

One situation in which it may be wise to execute a prenup is if one partner owns (or wants to own) a small business. If the business was started while the couple was married it, and any appreciation it sees, is generally considered to be marital property, and thus will be subject to property division in the event of a divorce. In a prenup, however, soon-to-be spouses can determine that a business they plan on opening (or already have opened) will be the separate property of one spouse, and not a marital asset.

Another situation in which it may be helpful to have a prenup is if a couple anticipates moving to another state while married. The laws governing marriage and divorce vary by state. The bottom line, though, is that the laws of the state that the couple were residents of prior to filing for divorce will preside. This could hurt, for example, a lesser-earning spouse who moves from a state with generous spousal support laws to a state that has stricter spousal support laws, or it could be an important factor if the couple moves from an equitable distribution state to a community property state. However, if they have a prenup, the soon-to-be spouses can include provisions regarding property division and spousal support that will take precedence no matter where they live if they divorce.

Finally, it is not so unusual these days for people to marry for a second time, due to death or divorce. When this happens, they may have adult children from their previous union. In general, a spouse cannot be disinherited, meaning that whoever is a person's spouse at the time of their death will inherit some or all of that person's estate. However, a prenup can contain provisions that waive a spouse's right to inherit, allowing the children from the first marriage to inherit instead.

As this shows, prenups aren't just for millionaires. Quite the contrary, there are many valid reasons to execute a prenup. Those who have questions about drafting a prenup can consult with a professional, who can assess their situation and provide sound advice.

Source: Forbes, "Those Who Are Most In Need Of A Prenup May Surprise You," Alyssa Rower, Esq., Jan. 28, 2018

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