Prenuptial agreements can be a handy tool for couples entering a marriage to determine how to divide property in the event the couple ever divorces. Though it is not always the way prenuptial agreements are viewed, it is important to keep in mind that all couples, either through a prenuptial agreement or allowing the legal system to determine for them, make some kind of decision concerning how property will be divided in the event of divorce.
In the absence of a prenuptial agreement, state law will determine how property is divided in the event of a divorce. In Florida, equitable division rules are followed when property is divided at the end of a marriage absent a valid prenuptial agreement. Though it may not be as romantic as some of the other marriage planning a couple does, a prenuptial agreement can have a variety of important uses.
At its most basic level, a prenuptial agreement is a contract between the couple that states how property will be divided in the event of divorce but can also set forth other important considerations agreed upon by the couple, such as alimony. Premarital agreements can also include provisions for property disposition in the event of the death of one of the spouses.
Because there are special requirements designed to protect the couple in order for a prenuptial agreement to be valid, it is important to understand the process and what those requirements are. Fully understanding the functions and benefits of a prenuptial agreement, and how to validly execute one, is worth considering when a couple contemplates marriage and the future.
Source: Cornell University School of Law Legal Information Institute, “Premarital Agreement,” Accessed Dec. 2, 2014