Common Myths About Prenuptial Agreements
When two people are thinking about marriage, a prenuptial agreement is often beneficial for both parties regardless of age and socioeconomic status. To be clear, prenuptial agreements, or premarital agreements under Florida law, can be helpful for a variety of reasons. Yet many parties do not enter into prenuptial agreements before their marriage because they have heard various myths or misconceptions about prenups and their value. We want to dispel some of those myths about premarital agreements for you here, and to encourage you to seek advice from an experienced West Palm Beach prenuptial agreement attorney about drafting a valid and enforceable premarital agreement.
Myth #1: Prenuptial Agreements Are Only for the Wealthy
Fact: Many people have heard the myth or misconception that prenuptial agreements are only for wealthy individuals who are getting married. While prenups certainly can benefit wealthy parties who are getting married and want to protect their wealth, it is critical to know that prenups serve many different functions for people who are not anticipating a high-asset marriage. For example, prenuptial agreements can allow parties to clarify certain financial rights and obligations during the marriage that can be important regardless of the amount of property either party is bringing to the marriage. A prenup can also allow the parties to clarify whether spousal support can be awarded in the event of a divorce, as well as specific obligations to one another during the marriage.
Myth #2: Prenuptial Agreements Are Not Necessary If You Are Marrying for Love
Fact: While you might have heard that prenuptial agreements are only for people who are entering into businesslike marriages and who are not marrying for love, it is extremely important to know that this idea is a common myth. Prenuptial agreements can provide numerous benefits to parties who love and care about one another very much. Indeed, entering into a premarital agreement can be a smart move for two people who are marrying for love.
Myth #3: You Can Decide Issues of Child Support in Your Prenuptial Agreement
Fact: You cannot agree to waive child support in a premarital agreement, and a child’s right to support cannot be adversely affected by a premarital agreement under Florida law.
Myth #4: Prenuptial Agreements Are Unlikely to Be Enforced
Fact: Premarital agreements are often enforced, and there are clear situations in which an agreement will be unenforceable. Under Florida law, a prenuptial agreement will generally be enforced unless one of the following is true:
- One or both of the parties did not enter into the agreement voluntarily;
- Agreement was unconscionable because one of the parties did not have adequate information about the other’s debts and assets or other financial circumstances, and did not waive access to that information and could not otherwise have had that information; or
- Waiver of spousal support would leave one of the parties in need of public assistance at the time of divorce.
Contact a West Palm Beach Family Law Attorney Today
Whether you are planning a wedding and need assistance with a prenuptial agreement, or you have concerns about the enforceability or terms of an existing prenuptial agreement, an experienced West Palm Beach family lawyer can help you. Do not hesitate to get in touch with our firm to learn more about the services we provide to individuals and families in South Florida. Contact William Wallshein, P.A. today for more information.