A prenuptial agreement goes by a few other names including premarital agreement and prenup.
No matter the name, a prenuptial agreement attempts to decide the terms of a divorce before a couple gets married. You do not have to be wealthy to benefit from a prenuptial agreement. Among the reasons why you should consider having a prenuptial agreement in place before you marry are:
- to remove much of the financial uncertainty and animosity from a future possible divorce
- to protect the inheritance of your child from a previous relationship
- to protect existing assets from becoming marital assets
A common question asked by clients is whether a prenuptial agreement is binding and will hold up in Court. When the prenuptial agreement is prepared under the right circumstances, the answer is yes. However, there are reasons why a prenuptial agreement might be invalidated:
- failure to make adequate provisions for the spouse with less assets,
- existence of coercion, duress, or fraud
- failure to fully disclose all assets
Also, there are a few issues that arise in a divorce case that cannot be addressed by a prenuptial agreement:
- temporary alimony (alimony paid from the beginning of a divorce case until the end of the case).
- child support
- time-sharing with children
An extensive amount of case law has developed around prenuptial agreements. If you have assets you would like to protect, you should consult with an experienced prenuptial agreement lawyer in Orlando for more information.