Why should we get a premarital agreement? No one should enter into a marriage anticipating failure but premarital agreements protect both parties and their families should something go wrong. Advantages include: • Avoiding Litigation Costs • Protecting against Fears of Family Members • Protecting Family Assets • Protecting Business Assets • Protection Against Creditors and debt • Child Custody and Support Guidelines • Estate planning/Predetermined Disposition of Property Such agreements also open the door to “full disclosure” concerning assets and debt. What is the difference between a prenuptial agreement and a premarital agreement? Nothing significant…A pre-nuptial, or premarital agreement, is an agreement between two prospective spouses made before marriage and becomes effective when you and your spouse marry In Florida the agreement is referred to as a “premarital agreement” which means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. Are there specific requirements to make a premarital agreement valid? Yes under Florida law, a premarital agreement must be in writing and signed by both parties and enforceable upon marriage. How does Florida handle premarital agreements? Florida Statute §61.079 follows a version of the Uniform Premarital Agreement Act (UPAA) which governs premarital agreements entered on or after October 1, 2007. The UPAA follows Florida Family Law Rules of Procedure. Can we do it ourselves? In the eyes of the law, marriage is a contract between two people. A premarital agreement is also a contract, and if done incorrectly can be invalid or misconstrued to the original intent of the parties/couple. It is always best to have a professional look over any contract. Do we both need lawyers? It is a contract…the drafting attorney is doing what is best for his client. It only makes sense to have someone look out for your best interest as well. What makes a premarital agreement unenforceable and who decides the enforceability? An agreement is unenforceable if it was involuntary, the product of fraud, duress, coercion, or the agreement was unconscionable. Courts occasionally invalidate premarital agreements, these are normally ones prepared without the help of attorneys, or ones where there was coercion in getting one partner’s signature. If you have a properly drafted agreement, and there was no duress, there is a better chance that it will stand up in court What should be included in a premarital agreement? The specific needs of each couple will vary. But the Florida statute recognizes the need to contract on property, spousal support, creation of a will or trust, benefits from life insurance, the choice of law governing the construction of the agreement, and any matter including personal rights and obligations that does not violate public policy of this state or a law imposing a criminal penalty. Does it have to be done before we are married? A premarital agreement must be completed and signed before the marriage to be a “pre-marital” agreement, it valid once the marriage is finalized. Only premarital agreements fall under the UPAA guidelines. But a “post-marital” agreement will can be drafted at anytime during the marriage and can accomplish the same objectives as a premarital agreement. How long before the marriage should we make a premarital agreement? Depending on the complexity of the issues and the parties’ financial status, drafting the agreement should be done several months before the wedding but the signing of the agreement ca be done anytime before the ceremony. Are premarital agreements expensive? No. Compared to the cost of an average wedding or an average divorce, a premarital agreement is a bargain. The best way to think about it is like buying insurance: it’s a small one-time cost for something you never hope to use, but if you ever need it, you’ll be glad you have it, and it will save you a lot of money. Can a premarital agreement be terminated or modified? Yes, after marriage, a premarital agreement may be amended, revoked, or abandoned only by a written agreement signed by both the parties. Call a Tampa Prenup Lawyer at (813) 272-2345 so that we can set up an initial consultation on your prenuptial agreement. |
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