A Guide to Florida Prenuptial Agreement
The concept and people's perspective on marriage and family life have revolved. Couples are now more likely to sign prenuptial agreements to cater to uncertainties, especially considering the high rate of divorce cases.
Today, more than ever, people are getting into marriages with hopes and skeptics at the same time. While couples can wish for the best of marriage life, the least expected, like death or divorce, may come knocking.
And one perfect way to prepare for such eventualities is to sign a prenuptial agreement. With this contract, you will ensure that your finances and other assets are safe in case of death or divorce.Here are the requirements for a valid prenuptial agreement in Florida-
What Does a Prenuptial Agreement do and why do you need it?
A prenuptial agreement in Florida is a contract signed by individuals looking to marry. The deal is signed before the actual wedding date and outlines property and related financial regulations.
A prenuptial agreement offers information about marital property division, financial accounts management, spousal support, and insurance benefits in case of divorce or death of a partner. Therefore, a prenup is a perfect mechanism to prevent disputes and litigation related to property and finances.
Suppose either or both the spouses have significant debts and liabilities before marriage. Or they have kids from previous relationships and wish to protect their inheritance. A prenuptial agreement is the best way to shield yourself from paying debts you had no idea of and protects your kids' interests.
Similarly, if you own vast assets or feel that you and your partner have what it takes to create vast wealth, you need a prenup to ensure a fair division of assets during divorce. Also, you can sign a prenup to predetermine the beneficiaries of your life insurance in the event of death.
What Does a Florida Prenuptial Agreement Cover?
In Florida, couples can include any property and financial-related aspects if they do not violate public policy. The contract covers each party's rights and obligations towards the marital property. These include:
- Each party’s ability to control or manage property in marriage
- Marital property division in case of divorce, separation, or death
- How the couple intends to handle their retirement plans and pensions
- If either of them has to write a will before signing the prenup
- If one spouse will pay alimony to the other during a divorce. And if so, the amount to be paid and duration
A prenuptial agreement in Florida should not discuss child custody and support. That one is left to the court to decide at the time of divorce or separation.
How Do You Ensure Your Florida Prenuptial Agreement is Enforceable?
Florida is among the many states that use the Uniform Prenuptial Agreement Act to determine the enforceability of a prenuptial agreement. The act lays out several requirements to help the court decide if a prenup is valid. Couples must meet those rules to make their agreement enforceable.
The court will deny prenuptial agreement enforceability if:
- One spouse proves that they didn’t sign the agreement voluntarily
- The agreement only favors one spouse’s interests
- One party threatened the other to sign the agreement
- The prenup was unconscionable
- If one or both spouses fail to disclose adequate information about their financial circumstances and debts
- One or both parties did not seek legal counsel from their attorneys
If the agreement was signed because of fraud or coercion, the liable party is subject to fines, and the prenup will be deemed invalid.
Download a free prenuptial agreement Florida form today to guide you in filling the requirements.