North Tampa Legal Group, PA

Why you should say I do to a prenuptial agreement

On behalf of North Tampa Legal Group posted in blog on Wednesday, May 10, 2017.

No one gets married with the expectation that their marriage will fail, but some Florida couples will find it greatly beneficial to put certain legal protections in place before saying I do. Marriage is an exciting step, but before you walk down the aisle, you may want to consider the benefits of drafting a prenuptial agreement.

Not everyone needs a prenuptial agreement, but for many couples, it is the wisest and smartest step. This small effort can be greatly beneficial for the future, not only in case of a divorce, but also because of the peace of mind that this protection can bring.

What is the point of a prenup?

Despite what you may think, a prenuptial agreement is not something that only benefits the wealthy, the famous and business owners. It is both smart and practical for couples of all income levels as it provides a clear way to divide property in case the marriage ends. Every prenup is different, but depending on your needs and objectives, yours may address the following issues:

Division of marital property
Listing of separate property brought into the marriage
Distribution of marital debt
Spousal support
Custody of pets
Division of small business assets, real estate and other valuable property

Simply outlining how you want things to go in case of a divorce can save you both time and money in the future. With these often contentious and complicated issues already addressed, you can greatly reduce the length, cost and stress of a potential divorce.

Things to consider for your prenuptial agreement

There is no one-size-fits-all approach to drafting a prenuptial agreement. You would be wise to sit down and thoughtfully discuss these issues with a trusted legal ally, as well as your spouse-to-be. You may find it beneficial to consider the following special issues and determine how to address them in the terms of your prenup:

Student loan debt accumulated during the marriage
Future assets of a small business
Potential inheritance
Vacation homes
Rental properties
Other matters unique to your financial and legal situation

It is never easy to discuss such sensitive issues before you even get married. However, drafting a prenuptial agreement can facilitate important conversations regarding financial matters and individual philosophies about money, spending and debt. As a result, you can enter your marriage having carefully discussed important issues — potentially avoiding future conflicts — and with a certain measure of confidence regarding the future.