When many Florida couples sit down to plan their wedding, they also consider what level of financial protection to include in the process. Prenuptial agreements are far more common now than they were in years past. In fact, the very concept of a marital contract is a relatively new thing, and is an issue that has only been widely accepted in the past 25 years or so. Over that span of time, the reasons leading individuals to consider a prenup have changed.
In the 1970s, when prenups began to be widely considered, the contracts were more about estate planning than anything else. Only those couples that had a sizeable difference in wealth were likely to enter a prenuptial agreement. Today, prenups are used by couples from all walks of life.
Very often, the provisions laid out within a prenup are intended to address future financial matters, not just inherited or existing wealth. Younger couples are focused on ensuring a fair division of assets in the event that one party earns a considerable amount on future endeavors. For example, a prenup might state that each party is entitled to all assets stemming from his or her own career. If one spouse develops the next big phone app and makes a fast fortune, he or she would not have to share the resulting wealth in the event of a divorce.
Prenuptial agreements have certainly shifted in focus over time, and will likely continue to do so. Today’s documents are very flexible, allowing Florida couples the chance to create a custom agreement that covers their particular circumstances. Best of all, they can also address future outcomes, which means that they are protected from loss under many different circumstances.
Source: Chicago Tribune, “Why you’re more likely to have a prenup than your parents were“, Jonnelle Marte, Aug. 7, 2017