When Do You Need a Prenuptial Agreement?

If you’re engaged, a prenuptial agreement may be something you consider creating with your new spouse. Also called prenuptial agreements, couples sign these contracts before their wedding day. They detail how they’d like to make decisions about certain aspects of their marriage. While most people believe premarital agreements are about how to divide property if you get divorced, premarital agreements help couples discuss financial topics they may otherwise avoid before they get married. While many couples will benefit from drafting a premarital agreement, there are certain circumstances when you’ll surely want to consider having a premarital agreement. When should you have a premarital agreement? Learn when you should create a premarital agreement below. 

It’s Your Second (or Third, etc.) Marriage 

Premarital agreements are common if you’re getting married for the second or subsequent time. Since you’ve been married before, you’ve likely accumulated assets that you’d want to consider non-marital property. In addition, you may be responsible for paying child or spousal support to your ex. Your premarital agreement can outline how you and your new spouse would like to handle those payments.

You’re Getting Married Later in Life 

If you’re getting married later in life, you’ve probably spent a few decades building up your career, business, lifestyle, and assets. A premarital agreement can clearly define your new spouse’s role in these parts of your life. You’ll want to ensure you and your spouse are on the same page about utilizing property, possessions, and other assets together.

You Have Children From a Previous Relationship 

Couples entering a marriage who have children from a previous relationship will also find prenuptial agreements beneficial. Prenuptial agreements should consider your estate after you pass away. Often, a parent may want to give their children from previous relationships part of the estate generally reserved for a surviving spouse. In this case, your spouse will need to waive their surviving spousal rights in the prenuptial agreement.

You Own a Business

Business owners may benefit from prenuptial agreements, as they help define the role of spouses in the business. You should also specify what would happen to your business in case of divorce, as your spouse may be entitled to an equitable part of its value unless you agree to another arrangement.    

One Spouse Has Significant Debt

When you get married, you marry any wealth they’ve accumulated and their debt. Your premarital agreement can specify how you and your new spouse will handle paying off any debt you have. 

You’ve Accumulated Many Assets

You’ve worked hard to build up your assets, so it’s understandable that you’d want to protect them in case of a divorce. Premarital agreements lay the foundation for how your assets will be shared during your marriage. This can prevent someone from simply marrying for financial gain. 

How to Create a Premarital Agreement in Florida

For premarital agreements to be legally binding, they must be in writing and signed by you and your partner. A premarital agreement must be created voluntarily, without threat or coercion. Premarital agreements can be completed any time before your wedding day, but you’ll need to show your marriage certificate to be valid. 

 Premarital Agreements with Kathy D. Sheive: Family Attorney 

Premarital agreements are designed to ensure that couples clearly understand the financial aspects of their relationship before getting married. To draft your premarital agreement, seek the assistance of an Orlando family law attorney such as Kathy D. Sheive. Let us guide you through the divorce process in Osceola and Polk counties. Call us at 407-315-2268 or use our contact form for a low-cost case evaluation.

Leave a Comment

Your email address will not be published. Required fields are marked *