Marriage and Prenuptial Agreements – Legal Considerations for Couples
Marriage is a commitment to share life with a person and it should be a partnership. Sadly, however, many marriages end in divorce and couples should make the necessary plans for their financial futures.
A Prenuptial Agreement is a legal contract that addresses issues of property and debts in the event of a future separation, divorce or death. Whether a couple enters into a prenuptial agreement before or after marriage depends on the goals of the parties involved.
While it is common to believe that a prenuptial agreement is only for the rich, they can be useful in a variety of circumstances. For example, if a spouse is expecting a large increase in salary, income or inheritances, or if they have significant assets that they want to keep separate from the marriage.
Regardless of the circumstances, a prenuptial agreement can help reduce the recrimination that may arise during a divorce by settling certain financial matters before the marriage is finalized and thereby lessening the tension between the two partners if the relationship does come to an end.
When to Consider a Prenuptial Agreement
If a couple is planning to marry, it is generally best to consult a Miami family law attorney before the ceremony. They can advise the couple as to whether a prenuptial agreement is appropriate and provide advice on how to ensure that it is enforceable.
When a Prenuptial Agreement is Effective
In almost all states, courts will enforce a valid prenuptial agreement. This will typically include determining the ownership of assets and dividing those assets in the event of a future divorce.
These agreements can also deal with the issue of spousal support and maintenance in the event that one of the spouses is no longer able to work. If a court finds that a spouse was induced to enter into a prenuptial agreement by duress, or the agreement is not given full disclosure as to the parties’ assets, it may not be upheld.
Some states have broader notions of fairness and require a certain amount of support to be reasonable and not “unconscionable.” This is not an easy standard to meet.
The terms of a prenuptial agreement can also be modified by the actions of the parties during the course of the marriage. This is often the case with alimony and child support agreements.
A prenuptial agreement can be a valuable tool for those with children or who have assets and debts that may be difficult to divide if a divorce occurs. The agreements can be written with an escalator clause that increases the support to one of the parties as time passes, or it can be phased in as the wealthier party’s assets and income increase.
Who Should Get a Prenuptial Agreement?
A Prenuptial Agreement is an effective way to protect a couple’s finances and their children from the unexpected. They can also be used as a way to help couples resolve differences in expectations before they enter into a marriage, which can strengthen the bond of the couple. If you need help visit Davis and Associates, Attorneys at Law one of the most reputable divorce & family law firm in Miami.