Real Estate and Prenups
One of the reasons many couples find a prenuptial agreement helpful is when real estate is involved. This is particularly true in Florida, where marital asset laws may complicate the issue. Here are a few examples of how real estate can complicate a potential divorce and why and how a prenup or even a postnup can help clarify the issue.
When One Party Purchases Real Estate Prior to Marriage
A prenup can help assure that any significant equity built up by one party or the other remains that of the person who initially purchased the property. This has become increasingly important as young people are waiting longer to marry and may buy real estate while still single. A prenup can also make provisions for equity built up in the property DURING the marriage. Without a carefully crafted prenup, any value could potentially be considered a marital asset.
Property Garnered Under a Previous Marriage/Divorce
Where one partner or the other may have been previously married and secured real estate assets in a divorce, a prenup can help assure that property value remains under their control should the second marriage fail. This can help prevent an ironic situation where a second partner ends up with assets once owned by a first marriage partner. Without a prenup, it could potentially occur.
Inherited Real Estate
When handled properly and with a thoughtfully written prenup or postnup agreement, inherited property doesn’t have to become a marital asset and be split accordingly. This is also true of other valuable inheritances like collectibles, cash, or trusts. Your prenuptial specialist can help elaborate on details on how inheritances should be properly protected.
Real Estate as an Investment
If a couple purchases investment properties during their marriage, these will generally be treated as marital assets. This is becoming more common in Florida as well, as the value of rentals escalates and couples invest in Airbnb type properties near tourist areas.
Business Real Estate
If a business is involved in a marriage, and that business owns real assets, that can add a whole new layer of complexity to a divorce. This too, however, can frequently and fairly be addressed by a pre or postnup agreement drafted by an experienced attorney.
Keep in mind, the above are just a few examples, and solutions for your specific situation may be different. This is why our no-cost, no-obligation initial consultation can be so valuable.
If you live in the West or South-Central Florida or Tampa, FL, areas, we invite you to reach out to us. No question is too simple, and your inquiry will always be treated with respect.
Is a prenup agreement right for you? See why more and more people are discovering that it is a commonsense, practical approach to marriage. We look forward to assisting you.
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 firstname.lastname@example.org.
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