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Understanding the benefits and limits of a prenuptial agreement

When preparing to wed, many Florida couples will discuss whether to pursue a prenup. Having this marital contract in place can vastly simplify the property division process if that need arises. However, in order for a prenuptial agreement to bring the full range of results, individuals should understand what they can and cannot accomplish with a prenup.

To begin, prenuptial agreements are excellent tools for protecting wealth from loss during a divorce. They can address wealth that is brought into the marriage, or wealth that is accumulated after the marriage has taken place. A prenup can even work through what will happen to specific pieces of property like the family home in the event of a divorce.

Another way that prenups shine is in regard to outlining expectations regarding fidelity. For spouses who are especially sensitive to the issue of cheating, a prenup can clearly outline what a spouse stands to lose if the bonds of marriage are broken by an affair. Some couples agree that a spouse who cheats will lose the right to any and all spousal support in the event of a divorce.

For those in Florida who are thinking about their options in regard to a prenuptial agreement, the best place to begin is by finding a trusted attorney to help draft and review the document. Prenups are not meant to be created from templates, and can be drawn up to reflect a couple's particular set of needs. As long as the couple does not have unreasonable expectations, such as eliminating the right to child support or requiring partners to maintain a specific weight throughout the marriage, then a prenup is a great financial planning device.

Source: Forbes, "3 Ways To Help Decide If You Should Get a Prenup", Ginger Dean, June 30, 2017

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