What are Benefits of a Prenuptial Agreement?

When a person is about to get married and hears the words ‘premarital agreement,’ it often strikes fear in their hearts. However, they should not. There are many benefits that come with premarital agreements, and these extend to both spouses. Below are just four of the main advantages that anyone about to get married will reap from a premarital agreement.

Open the Lines of Communication

A couple has to talk about a lot before they get married. Of course they have to establish that they both want the same things out of life, such as children and where they will live. Financial experts have also always advised that couples should discuss their finances before getting married. It is important that both partners in the relationship understand the assets and debts the other partner is bringing into the marriage so both people can understand what they are entering into. A premarital agreement can help open these lines of communication and allow the couple to enter the marriage honestly and secure about the plan they have created.

Save Time and Money

Divorces are often lengthy and expensive. This is because the couple or a judge must make final decisions on a number of different terms, such as the division of property. A premarital agreement can help speed the process along because the couple has already made plans for many of these terms and so, it really is just a matter of following the premarital agreement.

Protect Property

Of course, a premarital agreement outlines which property a spouse will keep in the event that the couple gets a divorce. This is the main point of a premarital agreement for many people. When an agreement is enforced during property division proceedings, it takes the control away from the judge and places it back in the couple’s hands. Without a premarital agreement, a judge will make the decision on property division and the couple will have very little say in the matter.

Reduce Conflict

Divorce is extremely difficult for many reasons. The first is the obvious emotional upheaval that a divorce causes for both spouses. The second is that some divorces do involve a long courtroom battle filled with conflict. This conflict is exhausting for both spouses and makes the divorce process even more challenging. A premarital agreement will eliminate that conflict because there is nothing to argue over. Each spouse has already agreed to the terms within the agreement and so, there is no conflict.

Getting Married? Call Our Florida Family Lawyers First

If you are about to get married, it is important that you draft a premarital agreement first. Although engaged couples often do not want to think about divorce prior to their wedding, our Tampa family law attorneys can show you there is much more to a premarital agreement than that. We can help you open the lines of communication so you and your partner can enter into an agreement that is fair for both parties. To learn more about premarital agreements, call us today at (813) 672-1900 to schedule your free consultation.  Hablamos español!

Resource:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html

 

What’s Mine is Mine…Right?

One of the standard tasks in any Florida divorce involves separating the couple’s property. In some cases, the parties are able to accomplish this by agreement; that is, they determine themselves which one of them will take a particular piece of property. Where there is no agreement, the judge hearing the divorce action will make this determination. Dividing property between two divorcing spouses is not as simple as finding out to whom a particular item belongs, however. Property division can be complicated and require the assistance of an attorney.

The Basic Goal of Property Division

In a Florida divorce, the goal of a division of the property is for both parties to be awarded a fair and equitable amount of the marital estate or marital property. “Marital property” includes all property that was acquired by either of the parties during the course of the marriage, regardless of who actually “earned” it. So for instance, a wife who uses her income from her job to purchase two cars for the family has purchased “marital property.” If the couple later divorces, the cars are subject to division by the court because they are considered marital property, even though the wife purchased this property herself.

The division of property must be “fair and equitable” – that is, both parties must be treated fairly. This does not always result in an even 50/50 split of the marital property. In the example above, if one car is valued at $12,000 and the other at $15,000, it may be fair and equitable for each party to receive one of the cars in the property division.

Where Problems Arise in Property Division

In certain cases, property that is clearly yours can be subject to division as “marital property.” The assistance of an experienced family law attorney would be necessary to help you protect what is yours. For example, an inheritance you received prior to the marriage would typically remain your property after the marriage as it would be considered “non-marital property.” But suppose the inheritance is substantial (assume $100,000 for purposes of this example) and you deposit this money into a joint bank account used to pay your bills. Or you add your spouse as an authorized user to the bank account where this money is on deposit. In either case, the court may consider your inheritance to be marital property, which would subject it to division by the court at the time of the divorce.

How Can I Protect What is Mine?

The team of Tampa Florida divorce attorneys at All Family Law Group can help you protect your property before, during, and after a marriage. One way is by drafting and entering into premarital or antenuptial agreements, wherein each party agrees who will receive what property if a divorce occurs. We can also advise you how best to separate your property so that it is not lumped together with and considered as marital property. Contact us today at (813) 321-3421 for a free consultation to learn how our Tampa Divorce Lawyers can help you keep what is yours.

By Lynette Silon-Laguna Google+