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Survey suggests that Millennials favor prenuptial agreements

When it comes to protecting assets from being ravaged during a divorce, it appears that Millennials in Florida and across the nation are taking a far more practical approach than previous generations. A recent survey by the American Academy of Matrimonial Lawyers suggests that younger people are pursuing prenuptial agreements at a rate far ahead of their parents or grandparents. The survey included the input of more than 1,600 family law attorneys. 

Prenuptial agreements not the only source of protection

Many Florida couples choose to live together as they decide whether their relationship is worthy of marriage. For many of these couples, cohabitation turns into a long-term prospect, either by design or by circumstance. As they accumulate more and more assets together, many are unaware that they may be placing their financial stability at risk. While prenuptial agreements may not be of assistance to unmarried couples, it is still possible to secure a measure of financial protection.

Prenuptial agreements can strengthen marriages

When many Florida couples discuss a prenuptial agreement, the focus of those conversations tends to revolve around protecting assets in the event that the marriage does not work out. However, there is a far more optimistic and empowering way of framing the topic of prenuptial agreements. In many cases, working through the process of creating a prenup gives couples the chance to learn how each partner approaches finances, as well as their vision for the future.

Framing prenuptial agreements as estate planning tools

No one wants to begin a marriage by planning for its potential demise. Even so, couples in Florida who are marrying for a second or subsequent time should take precautions to ensure that their assets are protected from loss in the event of a divorce. Prenuptial agreements can be a difficult subject to broach, but the topic can be made more palatable by discussing the matter in terms of estate planning, rather than divorce.

A different take on prenuptial agreements

A great many articles focus on the need to secure a prenup prior to walking down the aisle. These pieces are usually written from the perspective of the more moneyed partner, who is looking to shield his or her wealth from loss due to a Florida divorce. This is an understandable approach, but in many cases the application of prenuptial agreements is somewhat heavy-handed. The party who comes into the relationship with fewer assets should gain his or her own legal counsel to make sure that the document is fair and balanced.

Alimony is not the only tax impact of divorce

When preparing to end a marriage, many Florida couples consider how the change in their marital status will affect their taxes. Most understand that alimony is both a tax-deductible expense for the paying party, as well as a tax-triggering form of income for the recipient. However, there are a range of other ways that divorce can impact taxes, and savvy spouses will consider the timing of their divorce to minimize additional expense.

Could prenuptial agreements actually prevent divorce?

While preparing to wed, many Florida couples are hesitant to broach the subject of a prenuptial agreement with their soon-to-be spouse. Some feel that discussing the breakdown of marital wealth in the event of a divorce is in poor taste during preparations for the beginning of the marriage. Others are simply unaware of the benefits that prenuptial agreements provide and fail to examine whether a prenup would be a good fit for their needs. Occasionally, a celebrity couple will present a powerful lesson in the importance of having a prenup, as in the case of Megan Fox and her husband Brian Austin Green.

Understanding the bare basics of prenuptial agreements

For Florida couples who are preparing to wed, a prenuptial agreement can be a valuable financial planning tool. These marital contracts are incredibly flexible, and they can be used to cover a wide range of circumstances and goals. However, most prenuptial agreements follow the same overall structure, and cover many of the same basics. Beyond that, couples can choose to include the items that are of importance to them, both individually and as a couple.

Why discussing money is essential prior to marriage

One of the biggest challenges for newlyweds is the process of merging their finances. While prenuptial agreements are strongly recommended, even if you opt not to get one, it's essential to talk about money and to be completely open with your soon-to-be-spouse about your financial situation -- particularly all of your debts and financial obligations.

Should I consider a social media clause in your prenup?

It doesn't take much effort to find information about people online. After all, people share more on social media sites like Facebook and Twitter than ever before. With a few clicks of a mouse, we can track down information about just about anyone.

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Fort Myers Family Law

Sheldon E. Finman, P.A.
2134 McGregor Boulevard
Fort Myers, FL 33901

Toll Free: 877-214-3207
Phone: 239-332-4543
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