Creating a prenuptial agreement may be beneficial even if you don’t have a lot of money or tangible assets. For instance, it may allow you to determine what happens to existing assets or debts in the event that one party dies or seeks a divorce. Furthermore, the process of creating a prenuptial agreement may help Florida couples learn how to communicate in an effective manner.
Clarify an asset’s status
A prenuptial agreement can be used to stipulate that a business, home or other property owned prior to the marriage is separate property. The document may also stipulate that certain types of assets acquired during the marriage are to be classified as separate property. For instance, if you start a company after your wedding date, your agreement may allow you to retain full control of it after a divorce.
Criteria for a valid prenuptial agreement
For a prenuptial agreement to be considered valid, it must be in writing, and it must be entered into by parties who are of sound mind. If there is reason to believe that either party to the agreement was coerced into signing it, it will likely be partially or wholly invalidated by a family law judge. Furthermore, all parties must disclose all of their assets and debts prior to entering into such an agreement.
A prenuptial agreement may be an effective way to protect assets or other interests that you may have after your marriage becomes official. It may also make the divorce process an easier, less expensive and less stressful one because the document will typically outline the terms of the split as well as what happens if any disputes should arise.