Prenuptial agreements are not just for the rich

A great number of marriages end in divorce, which is why it may be wise for couples in Florida and around the country to enter into prenuptial agreements before they walk down the aisle. Prenuptial agreements can make divorces far less contentious and expensive by establishing ahead of time how marital assets will be divided and how much alimony will be paid, and they can also strengthen a marriage by encouraging open and candid communication and letting each spouse know where they stand.

Assets and debts

Prenuptial agreements are traditionally associated with wealthy individuals who wish to protect what they have worked hard for, but even people of modest means may refuse to marry without one if they have been through a bitter divorce. It could also be prudent to draft a prenuptial agreement if one of the parties is going into the marriage with a large amount of debt. Signing a prenuptial agreement could keep creditors at bay and encourage a person who has been reckless with money in the past to rein in their spending.

Businesses and careers

People who agree to forgo a career to raise children may feel more comfortable if the terms of a prenuptial agreement ensure that they will not be left at a financial disadvantage if they divorce. These agreements are also common among business owners who do not want to risk losing part of their companies in a property division settlement. Having a prenuptial agreement in place could even make it easier for an entrepreneur to secure business financing as it may reassure lenders that a divorce would not change the way the company is run.

Drafting prenuptial agreements

If you plan to marry and are considering a prenuptial agreement, an experienced family law attorney could urge you to negotiate in good faith, disclose all of your assets and make sure that your future husband or wife signs the document willingly. This is because prenuptial agreements that are signed under duress or were negotiated in bad faith are unlikely to withstand a court challenge.

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