Making And Breaking A Prenuptial Agreement In Florida

A generation ago, most people believed that premarital agreements were little more than divorce insurance. More recently, Millennials have recognized the true value of a premarital agreement. Monetary disputes are a leading cause of divorce. Premarital agreements virtually eliminate the possibility of such disputes. Furthermore, when people sign on the dotted line, something almost musical happens, and marital vows become more real.

Modern prenuptial agreements have substantial benefits, and an Orlando estate planning lawyer helps couples of all ages take full advantage of all these benefits. In as little as one office visit, an attorney drafts a premarital agreement that isn’t ironclad, but it’s close. This point brings up another important one. Since Florida is a Uniform Premarital Agreements Act state, both spouses have important legal and financial rights.

Prenup Nuts and Bolts

We mentioned one of the biggest advantages of a premarital agreement (financial provisions) above. These provisions usually cover lots of ground.

Normally, property division is one of the most time-consuming portions of a divorce. If the couple has a valid premarital agreement, this process may require nothing more than reading a document and applying its provisions.

Premarital agreements divide marital property in advance. Perhaps more importantly, premarital agreements classify property as marital or nonmarital, avoiding the dreaded commingling issue.

Marital debts almost always commingle with non marital debts. For example, Wife may use money from her paycheck (marital property) to pay her student loans (nonmarital debt). Upon divorce, the marital estate may be entitled to reimbursement for some or all of those expenses.

Prenuptial agreements usually address spousal support matters as well. Frequently, these agreements set caps that get larger if the marriage lasts longer. Such provisions are especially important if the spouses are on greatly unequal financial footing. Stairstep alimony caps eliminate “gold digger” allegations and reflect the fact that spouses invest more than money into a marriage. They invest themselves in these relationships as well.

In fact, an Orlando estate planning lawyer can address a vast array of issues in a premarital agreement. Child support and child custody are about the only off-limits items. These issues must be decided in the best interests of the children, not the best interests of the parents.

Breaking a Prenuptial Agreement

As mentioned, no premarital agreement or other contract is ironclad. The UPMAA gives challenging spouses two ways to overturn an unfavorable prenup:

• Involuntary Agreement: Prenups are involuntary if one spouse was under extreme duress to sign or committed fraud, so the other spouse didn’t know what s/he was signing. Extreme duress is usually physical pressure, such as false imprisonment (“You’re not leaving this room until you sign”). Fraud must impact a material provision in the prenup.
• Unconscionable Result: An 80-20 division is uneven, but not unconscionable. An unconscionable split is something like “You get all the debt and I get all the assets.” Additionally, the agreement must have been unconscionable when it was made. For example, stock options are often extremely valuable one year and almost worthless the next year.

We shouldn’t discount the divorce insurance impact of a premarital agreement. Responsible people buy insurance policies so they’re prepared for the unwanted and unexpected.

Contact a Dedicated Orange County Lawyer

Comprehensive estate plans address issues that affect the living and the dead. For a confidential consultation with an experienced estate planning lawyer in Orlando, contact Gierach and Gierach, P.A. After-hours visits are available.

Source:

axios.com/2023/09/24/prenup-rates-us-marriage