Pre Nuptial Agreements
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Do You Need A Pre-nup? Five Things To Consider
Prenups are for all couples, M/F, M/M, F/F, Transgender, all LGBTQIAPK, and Traditional couples
Provided by: Bonnie Klein Rhoden, Esquire
So how do you know if you need a pre-nuptial agreement? The simplest answer is – if you are getting married, you need a pre-nup. This may not be the easiest conversation with your beloved, but it is the smart thing to do. Wedding planning is not all about dress colors, cake flavors, and flowers – you are preparing to merge lives together and money is part of that necessary planning! This is the document that will help protect both of you in the case of death or divorce. (Yes, a pre-nup will make the transfer of your assets easier so it is not only for purposes of dissolution of marriage.) You can also ask for a “family attorney near me” to discuss co-habitation agreements which help couples who are not ready to marry but who choose to combine households, bills, and assets.
But, how do you actually know if you need a prenup? Our Melbourne and Cocoa divorce attorneys recommend considering having a prenuptial agreement prepared in the following general situations.
- An Inheritance Is Expected in Your Future
There may be a parent, grandparent or other relative in your life that may leave you assets or a business interest. (Think family electrical supply company, printing company, or car dealership.) If you think you may receive an inheritance from someone in your life you should act prudently and include in your plan a way to protect your coming gift. This doesn’t mean you can’t give gifts large and small, but you should be smart about planning and that includes a pre-nup with your local family law attorney.
- One (or both!) of You Has Children from a Previous Relationship
Putting a prenuptial agreement into place will allow you to protect your children from a previous relationship thereby preserving their coming inheritance from you. Without a prenuptial agreement, your assets can, at least in part (thirty percent or so) go to your current spouse upon your death AND in the case of a divorce from your betrothed your assets will be considered marital and your children may not receive anything. Speak to your family lawyer about this and how to prepare.
- You Have Acquired Significant Assets Prior to the Marriage
When you get married you may be just starting out in life or you may be well on your way to developing your assets and net worth. Unless you have a prenuptial agreement, you will be required to divide your assets with your spouse — maybe even those acquired prior to the marriage. Having a prenuptial agreement can help you protect what was yours before your marriage and keep it separate in the case of potential co-mingling. Co-mingling may be a topic you need to discuss in the future with your divorce lawyer so be prepared with a pre-nuptial.
- Either of You Have Personal Debt
When you get married you are combining things together and sometimes there is debt that comes along with your spouse to be. If you or your betrothed has a lot of credit card debt – besides being a red flag to that persons spending habits – you’ll want a pre nup to protect each other from that debt load.
- Plans Include One of You Being a Stay-at-Home Parent
If you make the decision to stop working for you or your spouse – this will have a significant impact on the stay at home parent’s earning power. This can equate to an obligation to alimony from the party still working. A prenuptial can help protect you if you are the stay at home parent and if you are the working parent it can also help you.
Getting married is an exciting event that requires a lot of planning. Make sure your planning includes protecting yourself, your assets, and your future paychecks and assets. Consult with a Melbourne, Cocoa, Rockledge Family Law Attorney to find out how the law works in Florida and how you can be best prepared. Call us for a no cost consultation on prenuptial agreements and your other family law questions in preparation for getting married in Brevard County. The phones are answered 24/7 and texts are welcome: 321-549-3162 or email us.
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