Deciding to get married is a big step in life, and with that comes the decision on whether to sign a premarital agreement. While some people may view them as unnecessary, others see them as a necessary measure to protect their assets. A premarital agreement is a legally binding contract signed by both parties before they get married, that outlines how property, assets, and debts will be divided in the case of separation or divorce. In this blog post, we will explore the commonly included topics in prenuptial agreements, so you can make an informed decision on whether to sign one or not.
One of the most common things people include in premarital agreements is the protection of pre-marriage assets. In many cases, people have a significant amount of assets, such as businesses, inheritances, or family property that they want to protect in case of a separation or divorce. A premarital agreement can set out how these assets will be divided in the case of a breakup.
Debt and liability allocation can be another important topic that couples may include in their prenuptial agreement. If one person enters the relationship with significant debt, they may want to be sure that their partner will not be held responsible for it in case of a breakup. This is also true for liabilities, such as lawsuits or debts incurred in the course of running a business.
In some cases, couples will include spousal support terms in their prenuptial agreement. Spousal support is also known as alimony, which is financial support provided by one spouse to the other after a separation or divorce. It's essential to note that in Florida, spousal support is not automatic. It is up to the court to decide if it is necessary, but a prenuptial agreement can add another layer of protection for both parties in case of a separation or divorce.
A post-nuptial agreement is a legal contract that a couple signs after they get married, which outlines how assets and liabilities will be divided in the event of a separation or divorce. This is different from a prenuptial agreement, which is signed before the marriage. For couples who did not sign a prenuptial agreement before marriage, a post-nuptial agreement can still provide similar protections that a prenuptial agreement would have.
In conclusion, premarital agreements in Orlando, FL are designed to protect both parties in a relationship in the case of a separation or divorce. The commonly included topics in prenuptial agreements are the protection of pre-marital assets, debt and liability allocation, and spousal support. It's also important to note that if you did not sign a prenuptial agreement before marriage, you can still sign a post-nuptial agreement to provide similar legal protections. If you're looking for more information about premarital agreements in Orlando, FL, contact Ilvento Law today.