There are sexier things to discuss with your future spouse other than a prenup. But it’s a discussion that everyone should have. You plan for retirement, plan to buy a house, and even plan for your death. So why wouldn’t you plan for the possibility of a divorce? It’s frankly the prudent thing to do. A common misconception is that prenups are only for wealthy individuals. This is not true. Everyone could benefit from a prenup regardless of wealth and income. Here are 5 reasons why everyone needs a prenup:
1. Protect Your Business
A prenuptial agreement can protect your business that you worked hard to build. Without a prenup, you could find yourself having to pay your spouse for any increased value of your business that accumulated while you were married if you divorce. This could happen even if your spouse had nothing to do with your business during the marriage because Florida property division laws permits enhanced value claims. A well drafted prenup can prevent that.
2. Protect Inheritance
A prenuptial agreement could protect your family’s assets. Although inheritance is considered non-marital in Florida, the way the inheritance is held or spent once you get it could turn the inheritance into a marital asset. A prenup could address future inheritance and prevent that from happening.
3. Provides Certainty
A prenuptial agreement sets financial expectations and provides certainty. A prenup outlines what happens to not only to existing assets and income, but also future income and assets. As a result, you already know going into the marriage how finances will be handled if you divorce.
4. Divorce Will Be Less Acrimonious
A prenuptial agreement can prevent a future divorce from getting nasty. Although you can’t waive child support or agree on certain things concerning the children in a prenup, removing the financial uncertainty from the divorce can help the parties work better and come up with the best parenting plan for the children.
5. Save on Future Attorney’s Fees
A prenuptial agreement can save time and money on attorney’s fees in the event of a future divorce. By setting financial expectations in advance, it eliminates any fight over finances, which usually ends up getting costly in terms of attorney’s fees.
Contact our divorce attorneys if you are considering a prenup and want stability for your future. We prepare prenuptial agreements on a flat fee basis depending on the value of existing assets involved.