When a marriage ends, one of the most difficult tasks is deciding how to divide marital assets. In the past, the majority of couples would choose to pool their assets once they married in order to meet their shared goals as a couple. However, younger couples are electing to keep assets separate in the hope of avoiding the difficulty of dividing them. In reality, one of the best ways for Florida residents about to marry to protect their assets is to enter into prenuptial agreements.
According to recent financial surveys, spouses are seeking to avoid the animosity of property division negotiations by choosing to deposit their individual assets into separate accounts in addition to a joint household account when marrying. Unfortunately, this does not guarantee that assets will be considered separate should the marriage end. Likewise, keeping property in just one name also will not prevent such property from being declared marital property in a divorce.
For couples who are each financially independent, simply keeping finances and property separate may be enough to ensure that each partner will retain the majority of their assets in a divorce. However, when only one spouse works outside the home, settlement negotiations may quickly become complicated. According to financial professionals, the best way to avoid contentious discussions is to have a prenuptial agreement.
Reportedly, millennials are more inclined to consider the merits of prenuptial agreements as a way to combat the financial landmines that often occur during a divorce. These marriage contracts also promote healthy discussions about finances that may enable the couple to avoid future problems. Furthermore, these contracts can be revised if circumstances warrant. Florida residents contemplating marriage may benefit from seeking the guidance of an experienced family law attorney who can help draft a contract that fits the client’s particular needs.