Faced with a request for a prenup, some Florida residents will initially react by taking offense. Once the practicalities of prenuptial agreements are examined in closer detail, many people will come to see the benefits of having a carefully drafted prenup. One way to smooth ruffled feathers is to underscore the fact that the agreement is not a one-size-fits-all product, and entails a degree of negotiation. The final outcome should reflect the interests of both parties, not just one.
For example, a person who already has one or more children, and brings considerable assets into a marriage, may want to ensure that the bulk of those assets pass down to his or her children in the event of a divorce. Once that individual begins to talk about his or her concerns, however, it may become apparent that the real concern is protecting wealth if the marriage is short-lived. In cases where a marriage lasts for many years, few spouses truly wish to withhold assets from a spouse.
A solution to this type of dilemma is to draft a prenup that outlines a schedule of property division. As such, the agreement could state that if the marriage lasts fewer than five years, all assets brought into the union would remain the property of that spouse. If the marriage lasts for 15 years or more, then the non-moneyed spouse could claim 30 percent of assets. This type of agreement can be structured any way that the parties see fit.
For most Florida residents, negotiating prenuptial agreements can be a way for both parties to open up and discuss their hopes, plans and fears about their marriage. Being open and honest is the foundation of a solid relationship, and couples who are able to move through this process with grace are on track for a healthy marriage. A prenup should always be thought of as a “worst case” financial planning tool, one that will hopefully never need to be called into action.
Source: bostonherald.com, “Betrothed fears looking greedy in prenup“, Wendy Hickey, Aug. 13, 2017
