What You Need To Know About Premarital Agreements
More and more couples are entering into both pre- and postnuptial (also known as “premarital”) agreements, especially if substantial assets or children from another marriage are involved. These agreements (or contracts) are entered into by two people, either before they marry or after, which sets forth the division of assets in the event of divorce.
Below, we discuss some of the most important things to keep in mind when it comes to these agreements:
The Law in Florida
Pre- and postnuptial agreements are governed by state laws, and it is important to note that the couple can dictate which state’s laws apply when it comes to the agreement.
Florida state law dictates that parties to a premarital agreement may contract with respect to:
- The rights and obligations of each of the parties in any of the property of either or both (whenever and wherever acquired);
- The right to buy, sell, use, transfer, etc. otherwise manage and control property;
- The disposition of property upon death, marital dissolution, or separation;
- The elimination, establishment, modification, or waiver of spousal support;
- The creation of a will to carry out the provisions of the agreement;
- The ownership rights of a life insurance policy;
- The choice of law governing the agreement; and
- Any other matter that is not in violation of the law or public policy of the state of Florida.
Child Support Is Non-Negotiable
Out of what is in the best interest of the child, Florida state law—like others—dictates that two people cannot adversely affect the right of a child to child support via a premarital agreement.
Fairness & Full Disclosure
Another important aspect of all agreements like these is fairness and full disclosure: It is important that each party is honest and open with the other regarding their assets, otherwise signing the agreement could arguably be in association with fraud or misrepresentation, and the agreement could later be contested in court.
Separate Property & Individual Representation
Each of the parties also needs their own family law attorney in order to ensure that their interests are represented. Also keep in mind that premarital assets are typically off-limits as an individual’s separate property. Conversely, “marital property” typically refers to what is earned during the marriage (and is thus split upon dissolution of the marriage).
Florida Premarital Agreement Attorney Serving West Palm Beach & Surrounding Areas
When it comes to drafting premarital and related agreements, it is absolutely essential that you work with an attorney who has attention to detail and is familiar with local laws so that you are protected throughout this process. It is their job to make things run as smoothly as possible and to prevent you from having to spend your money litigating vague terms in court years later.
Contact William Wallshein, West Palm Beach family lawyer, today, to schedule a consultation and let us answer your questions. We serve clients throughout Palm Beach, Martin, Broward Counties, and all of South Florida.