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What Assets Can a Florida Prenuptial Agreement Protect?
In Florida, both parties must agree to the conditions of a prenuptial agreement for it to be enforceable by law. Most couples in a marriage don’t get such a contract if there are no assets at the beginning of the marital relationship. People with assets, including accumulated cash, investments, retirement plans, life insurance, and properties are likely to seek advice from a lawyer. The objective of the agreement is to protect those assets and inheritance prior to the union of marriage.
What is a Prenuptial Agreement?
The Statutes of Florida define a prenuptial or premarital agreement is an agreement (contract) between prospective spouses made before marriage. For it to be enforceable, it must be in writing and signed by both parties. The statutes on the matter are the Uniform Premarital Agreement Act for proceedings under the State Law Rules of Procedure. A prenuptial agreement lawyer Miami has legal knowledge pertaining to due process of premarital agreements to ensure protection in the event a marriage ends.
When Can a Party the Prenup is Against Challenge an Agreement?
A prenup can not be enforceable if a party the agreement is against can the prove the following;
- A party forced the other party to sign the agreement against his or her will.
- The falsified signing of a prenuptial agreement.
- The prenup was unconscionable when fulfilled.
- Unfair disclosure of financial obligations and properties of the other prospective spouse.
- No competent knowledge of properties and financial obligations of one party.
- The prenup agreement is a fraud or coerced.
Both parties entering a premarital agreement must be competent in signing and disclose outstanding debts they may have before the marriage. If a party has debt and owe taxes, the other party must know. The contract protects a future spouse from the obligations of liabilities belonging to the other party.
Assets Protected Under a Prenup
- Cash accumulated before the marriage.
- Children’s interest in a property from a previous marriage.
- Owned real estate properties, including houses, condominiums, land, and buildings.
- Ownership of life insurance policies.
- Homestead home.
- Financial support to a spouse in the event of a divorce.
- Intellectual property rights prior to marriage.
- Investments in stock, bonds, and commodities before marriage.
- Ownership of companies prior to marriage.
- Other properties, such as owned cars, trucks, vans, and mobile equipment.
The purpose of having a prenup before marriage is to protect a party’s assets and obligations of accumulated debts belonging to the other party. It should be in faith protecting both parties of liabilities and fraud. A party can never receive protection under a prenup to make child support decisions or custodial arrangements.
Contact a prenuptial agreement lawyer Miami today to learn what you can include in a premarital contract and what is illegal to include. The benefits include protection for children from previous marriages, your business, and inheritance. The agreement ensures both parties are marrying for the right reasons before taking that giant step.