What Is A Prenuptial Agreement?

There are many different reasons why a Florida couple may want to enter into a prenuptial agreement before getting married. Some people think that prenuptial agreements are only for the very wealthy, but these agreements can also be beneficial for those of us with more modest means. If you are getting married, consider speaking with a family lawyer in Tampa FL to find out how a prenuptial agreement can be a benefit to you and your future spouse.

What is a prenuptial agreement?

A prenuptial agreement is essentially a contract between people who are planning to get married. The agreements generally focus on property division in the event of a divorce and the classification of property during the marriage as either separate or marital property. However, there are many other things that may be included in the agreement.

Why would I need a prenuptial agreement?

A Tampa, FL family lawyer knows that couples have different reasons for wanting a prenuptial agreement. Some of the more common reasons – and benefits – may include to:

  •     Reduce conflict during a divorce. While it may be unromantic to think about divorce before you are even married, many marriages do end in divorce. Having a prenuptial agreement can make a divorce much cheaper and easier for all parties involved.
  •     Set up expectations in advance. Prenuptial agreements are a great way to have a “meeting of the minds” before getting married. While personal things like who will do what chore cannot be included in the agreement, some issues, such as figuring out what property is marital and what is separate or what the property arrangement will be if one party dies, can be included.
  •     Protect sentimental property. If you come into the marriage with certain property that means a lot to you, a prenuptial agreement can be a way to protect it in the event of a divorce. While property brought into the marriage can be kept as separate property, oftentimes commingling this property will transmute this into property subject to division and a prenuptial agreement can make sure that the property remains one person’s separate property no matter what happens.
  •     Debt division. When thinking about prenuptial agreements, most people focus on assets, but it’s also necessary to think about debts. If one party is thinking about starting a business or going back to school, the other party may not want to be responsible for the debt. Prenuptial agreements can allow one party to follow his or her dreams while protecting the other party’s finances.
  •     Estate planning. A prenuptial agreement can help to support estate planning and make sure that certain heirlooms stay in the family even if there are subsequent marriages.    

Let Us Help You Today

If you have questions about a prenuptial agreement or think that a prenuptial agreement may be right for you, you should contact a knowledgeable Tampa, FL family lawyer. It is very important that both have independent attorneys to protect their rights when drafting a prenuptial agreement. The lawyers at The McKinney Law Group can help to negotiate on your behalf and make sure that you are not taken advantage of.