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Prenuptial Agreements Increasingly Common as Their Benefits Are Realized
Often misunderstood, prenuptial agreements are valuable tools for many couples. They are becoming even more common as people realize the benefits of prenups.
April 23, 2011 /Mens Interest PR News/ -- Prenuptial Agreements Increasingly Common as Their Benefits Are Realized
The number of people pursuing prenuptial agreements, also known as prenups, is rising. Often misunderstood as useful only for wealthy people who lack faith in their upcoming marriages, prenuptial agreements actually are valuable tools for many Floridians.
Prenuptial Agreements
A prenuptial agreement is a written contract made between two people before they get married to each other. The contract becomes enforceable only upon the marriage. The contract usually specifies which assets go to which person in case of a divorce or the death of a spouse. The contract also often either waives future spousal support in the event of divorce or predetermines the conditions and amounts of such future spousal support. The options available regarding spousal support and whether such options are appropriate in certain cases are beyond the scope of this article, but are treated in an article titled Alimony Waivers and Premarital Agreement Options.
The prenuptial agreement may be crafted to expire after a certain number of years, if desired by the couple. It also may cover many other items, ranging from homes to pets. The only limitation is that the obligations cannot be illegal or against public policy.
Number of Prenups Increasing
In a study conducted by the American Academy of Matrimonial Lawyers, 73 percent of the lawyers surveyed reported an increase in the number of prenuptial agreements made over the past five years. Even more interesting, 52 percent of the surveyed attorneys said that the number of women requesting prenups is also growing.
As more people enter second and subsequent marriages, prenuptial agreements are increasingly being used to provide for children from previous marriages. Also, as the average age at which couples marry for the first time rises, people wish to protect assets they have worked hard to earn over their single years.
Who Should Get a Prenuptial Agreement
Many people in various economic brackets can benefit from prenuptial agreements. Prenups are especially valuable for someone who:
-Has children from a previous marriage
-Owns a home
-Has stock or retirement funds
-May receive an inheritance
-Owns part or all of a business
-Will support a spouse completing college or graduate school
-Has much greater wealth than his or her future spouse
Importantly, in order for a prenuptial agreement to be enforceable in Florida, it must be executed voluntarily and be free from fraud, duress, coercion, or overreaching. Additionally, its terms cannot be unconscionable as to either spouse unless there was adequate knowledge of or fair and reasonable disclosure of the property or financial obligations of the other party.
If you have questions about how Florida law views prenuptial agreements or are considering one for you and your partner, contact a family law attorney with experience in prenuptial agreements in your area.
Article provided by Curtis R. Cowan PA
Visit us at www.curtcowanlaw.com
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