Why a prenuptial agreement could help in a divorce

On Behalf of | Nov 25, 2019 | Divorce |

Some people in Florida who are getting married might want a prenuptial agreement. This can be useful for individuals who are bringing assets into the marriage they want to protect or who have children from a previous marriage.

The property that people bring into a marriage is considered separate property, but this is not as straightforward as they might assume. For example, if a person brings a home into a marriage, this could be considered joint property if marital funds are used to renovate it or pay the mortgage. People should keep in mind that income earned during marriage could be considered part of this marital property. A prenup could state that the appreciation in value of an asset belongs to the original owner regardless of where the funding came from. If either person is expecting an inheritance, a prenup might be used in a similar way.

There is a misconception that prenups are only for wealthy people, but this is not necessarily true. A person may want to make sure that certain assets pass to their children instead of to a spouse. Some people use prenups in conjunction with estate planning documents. While the conversation about a prenup can be a difficult one, it can be helpful for couples to talk openly about finances.

A prenup does not always mean a couple will not have to go through the process of negotiating property division. If the prenup is prepared incorrectly, it could be dismissed. This might happen if one person did not receive sufficient legal counsel or appears to have been coerced into signing the agreement. However, even in these situations, couples might still be able to reach an agreement instead of turning to litigation. Negotiation may leave them more flexibility in how property is divided.

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