Why You Need a Florida Premarital Agreement as Part of Your Estate Plan
For years, premarital agreements, more commonly known as prenuptial agreements or “prenups,” have been viewed rather negatively by most people. They’re portrayed on television and movies as a way to keep your spouse from getting any money or assets in a divorce, so it’s no wonder that countless people don’t want one or will get angry if their soon-to-be-spouse asks for one. However, premarital agreements aren’t just about protecting oneself in a divorce, they play an important role in any estate plan.
It’s true that Florida is one of the states with the highest divorce rate, but a prenuptial agreement doesn’t necessarily only have usefulness in the event you do ultimately get a divorce. Do not view a prenuptial agreement as the lack of trust in you by your partner. It’s important to start considering an estate plan as soon as possible, even when you don’t necessarily have the assets you might think are necessary to warrant one. Speaking with a St. Petersburg estate planning attorney can help. If you are considering drafting a premarital agreement, or your soon-to-be-spouse has presented you with one, it’s important to have your own legal counsel review it.
Here’s a look at some of the reasons why a Florida premarital agreement can be an important part of your estate plan.
Premarital Agreements Protect Your Future Assets
Premarital agreements allow you and your partner to decide how you want your assets to be classified once you are married. Absent any type of agreement, assets acquired during the course of the marriage (or appreciation of assets brought into the marriage) may become marital assets in most cases. If you each have assets you would like to be kept separate in the event of death, you would need to have that spelled out in your agreement.
Premarital agreements can also protect your spouse from debts. Perhaps you are currently going to college or are finishing up an expensive graduate degree. Rather than leave your spouse on the hook for that bill in the event you pass away, there are options to include what debts remain separate property.
Closely-Held Family Businesses
Maybe you or your spouse are part of a closely-held family business. In this scenario, it’s pretty typical that the family owners require only family members to be owners. In the event of a divorce, it would mean a non-family member is working in the closely-held operation. There are options for provisions in the legal business documents that discuss how to handle these situations, or you can have a prenuptial agreement that discusses the non-family member giving up their interest and rights in the event of a divorce.
Prenuptial Agreements are Important for Second Marriages
With people living longer, some choosing to divorce after many years together is not so uncommon anymore. Perhaps you and your new love both are entering into a second marriage with a lot of separate assets. It’s a wise idea to make the determination before you get married on what property you want to go to whom. This is especially important to couples who have children from prior marriages. Your prenuptial agreement will ensure they are provided for as you intend.
Contact a St. Petersburg Asset Protection Attorney Today
If you have questions or remaining doubts on whether a premarital agreement is right for you, speak with a St. Petersburg asset protection attorney first. Contact Legacy Protection Lawyers today at 727-471-5868 to schedule an initial consultation.