Pre-Marital and Marital Assets and Pre and Postnups
If you are exploring if and why a postnuptial or prenuptial agreement will help you, you first should understand the difference between premarital and marital assets. These are more than just accounting and legal terms. They may be the very foundation of your financial future should your marriage end in a divorce.
Let’s take a closer look at these assets. What determines their status and how they are treated in a divorce. We will also look at how these various assets may be secured by a prenup or postnup agreement.
What is a Pre-Marital Asset?
A pre-marital asset is one that is acquired by one party or the other prior to marriage. Since couples are waiting longer now than ever to wed, these assets can be significant. Examples of premarital assets may include a savings account, investments, a retirement account, and even real estate. Even if a property isn’t completely paid off at the time of marriage, its equity at the time could be considered as a premarital asset. A business started by an individual may be treated similarly.
What is a Marital-Asset?
A marital asset is one that is acquired throughout a marriage. It can be interesting to note that items may still be considered a marital asset even if they are in the name of one partner or the other. This is often where some couples may get tripped up in thinking they are protecting assets without a marital agreement in place.
The Role Prenuptial and Postnuptial Agreements Play in Determining the Fate of Assets
One of the best ways to view a prenup or postnup agreement is that it provides transparency and clarity. Couples must be open about their assets and debts, and they cannot be valid if signed under stress or duress. It is why our policy is to have couples agree to a prenup a minimum of 30 days prior to their wedding date. Postnuptial agreements should also be crafted in a sprit of fairness, cooperation, and without duress.
You Decide, or the State of Florida Will
When it comes to how premarital and marital assets are treated in a divorce, either the couple decides or the State of Florida will. In this respect, it is not unlike a will. The State will step in if there is not a legal document in place.
The bottom line is that you can decide how your assets will be treated in a divorce through a well-crafted prenuptial or post-nuptial agreement. Now you need to choose an experienced family law attorney who specializes in creating legally binding agreements.
What is important to you? Whether it is a premarital or marital asset, it can be protected through a marital agreement, and we are here to assist you. Reach out to us for a free initial consultation. We not only can answer your questions, but we can also establish our comfort level in working together.
If you want to be assured that your marital agreement is legally binding in Florida, and was created in a spirit of cooperation and respect, we encourage you to reach out. We are quickly becoming one of Tampa, Florida’s leading family law attorneys, specializing in prenuptial and postnuptial agreements.
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If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer online prenuptial agreements. Contact us to inquire further about our online prenup option.