In the past, a prenuptial agreement was something only the very wealthy or Hollywood celebrities involved themselves with to protect assets. However, more attorneys in Florida and throughout the country are now finding themselves approached to prepare prenuptial agreements for couples contemplating marriage.
A prenuptial agreement is a contract between two parties before wedding vows are exchanged. It spells out how certain assets are to be divided should the couple later end the marriage. Normally, attorneys are involved in the process, and full disclosure of financial information is exchanged between the future spouses. It can be used to protect certain assets acquired prior to the marriage or consider how to approach preexisting debt.
Though the discussion of ending a marriage before is started can be uneasy for parties to discuss, there are benefits to considering a prenuptial agreement. First, in a general sense, it requires both parties to take a hard look at the financial picture of the proposed marriage. The financial consequences of marriage are something every couple should at least consider whether a prenup is signed or not.
If one party is bringing in substantial debt, for example, the agreement can protect the other party from responsibility for that debt if divorce occurs. With student loan debt at an all-time high, how the debt will be handled is an important consideration.
A prenuptial agreement can also be important where the parties are older in years or the marriage is a subsequent marriage for either party. With older couples, one or both parties have often obtained substantial assets and in consideration of the divorce rate among second and third marriages, a prenup is a practical consideration.
For those with assets entering into a marriage, discussing a prenuptial agreement can be a difficult subject. However, many marital subjects can also be difficult to discuss, such as child rearing, religion or job relocation. And as any experienced family law attorney will attest, an acrimonious divorce will usually be far more difficult.