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

 

Drawn Out Divorce Case Illustrates Importance of Prenuptial Agreements

When a couple is in the throes of celebrating an engagement and planning a wedding, thoughts about the possibility of divorce are the farthest thing from their minds. Consequently, many couples skip the talk about the benefits of a prenuptial agreement, and assume that everything will work out. Sidestepping this issue when young is easier to understand because the parties are less likely to have valuable assets, but when marrying at an older age, and especially in instances of second (or subsequent) marriages, prenuptial agreements are important to safeguarding assets that have been built over a lifetime. A former Clerk of Courts for Broward County is learning this lesson the hard way as he battles his second wife in a divorce case over a share of his deferred income from the state’s retirement program and Social Security benefits. It may seem pessimistic to dwell on the potential for divorce, but for those with a lot at stake financially, having this document in place is a smart way to protect these assets from being substantially depleted in divorce. This is an important consideration if there are children from a previous marriage to whom a parent intends to leave an inheritance. A discussion of what a prenuptial agreement is, what it can and cannot do, as well as the benefits a prenuptial agreement can bring to a marriage, will follow below.

What Is a Prenuptial Agreement, Anyway?

A prenuptial agreement, also referred to as a premarital or antenuptial agreement, is a contract a couple enters into before marriage that governs the division of assets and payment of spousal support, or alimony, in the event of divorce or other specified occurrence (death, incapacity, birth of children, etc.). Without such an agreement, a spouse is typically entitled to 50 percent of the marital assets if the couple later divorces. Though having a prenuptial agreement does not negate the possibility of litigation, having a well-crafted contract from an experienced family law attorney will make it less likely a court will invalidate the agreement.

Possible Uses and Certain Prohibitions

Prenuptial agreements are intended to protect assets from division in divorce, protect against assuming the liabilities of the other spouse, and protect the other spouse from claiming certain future earnings. However, Florida law specifically prohibits the enforcement of clauses in prenuptial agreements that attempt to release a party from a child support obligation, or would leave one party destitute and forced to seek public assistance for means of basic support.

How an Agreement Can Benefit Marriage

One way to make the discussion of a prenuptial agreement less negative is by using it as an opportunity to learn about each individual’s approach to finances. Finances are one of the leading causes of divorce, and working out how to handle these matters before marriage reduces the chance of disagreement. Further, a valid prenuptial agreement requires both parties to fully disclose all income, assets and liabilities so each person knows exactly what they are gaining or losing under the agreed upon terms. Further, knowing this information up front will give a couple the opportunity to blend their financial styles into an approach that is workable when finances do become shared.

Seek Legal Advice

Prenuptial agreements must follow certain rules to be enforceable, and involve complex issues that have long-term consequences. To ensure the executed agreement reflects what you want, work with a family law attorney that understands how courts view these contracts. The Tampa Bay law firm All Family Law Group, P.A. understands how important these agreements are, and is available to provide you with a free consultation to discuss your concerns.

Contact the Tampa divorce attorneys and family lawyers at All Family Law Group, P.A. in Tampa Bay at 813-816-2232 for a consultation at no charge or email us.

by Lynette Silon-Laguna Google+

Three Valuable Lessons You Can Learn From Celebrity Divorces

Celebrities are in the limelight, but they are just like regular people when it comes to relationships. Many celebrity marriages end in divorce, and when they do the process may involve airing their dirty laundry in public. The reality is, relationships between celebrities are just as complex and difficult as those of average people. When celebrities divorce, you get to see a glimpse into some of the more ugly sides of divorce. And, indeed, you can learn a great deal by watching what happens in high-profile divorces so you can avoid the same problems.

Get a Prenup

It is estimated that only about three to five percent of couples get a prenuptial agreementbefore they marry. This can be one of the biggest mistakes you can make. Prenups aren’t just for the rich and famous. Virtually all couples can benefit greatly by putting a prenup in place. A premarital agreement details all of the major settlement terms of divorce. It is extremely helpful because couples will not have to argue over many of the small issues that can wreak havoc during a divorce. Instead, these matters will have already been ironed out. It is important to note, however, that you should always have a prenup reviewed by an attorney before signing it.

End Things the Right Way

Don’t move on until you have finalized this chapter of your life. The best divorces, if there are such things, are between partners who still have respect for one another. This can be difficult or impossible to do when one spouse moves on way too soon after the split. If you aren’t happy, you need to let your spouse know, and take steps to try to resolve the issues so you can be sure that you want to get divorced. Then, move on at an appropriate time.

Plan Properly

Many times, celebrity divorces seem to come out of nowhere. In reality, we know that there has likely been trouble brewing for quite a while. In Florida, as in other states, property acquired during the marriage is considered marital property and is therefore divided equitably between partners. Before pursuing a divorce, understand your finances, including information regarding your home. Children should be cared for by both parents, although they usually reside primarily with one parent. Review your pension plans, retirement accounts, bank accounts, and investments so that they can be evenly distributed.

How an Experienced Divorce Attorney Will Help

If you are new to divorce, as are most people, you may not know what to expect or how to proceed. You probably have a lot of questions and concerns about the divorce process. Seek out an experienced divorce attorney to guide you through the procedures. Your lawyer will answer all of your questions and put your mind at ease as you begin this new stage of life. Choosing an attorney with experience in family and divorce issues will allow you to leave the details to her while you concentrate on emotional healing for you and your family. If you are interested in pursuing a divorce from your spouse, contact the Tampa divorce attorneys and bankruptcy lawyers at All Family Law Group, P.A. in Tampa Bay at 813-816-2232 for a consultation at no charge or email us.

By Lynette Silon-Laguna Google+

Postnuptial Agreements

Nearly everyone has heard of a prenuptial agreement, which is a contract between two people before they get married. However, many individuals may not be aware of a postnuptial agreement. This is similar to a prenuptial agreement, however, it is created during the marriage. A postnuptial, also called a post-nup, can be a helpful tool for couples who want to ensure that they resolve major issues, should they ever decide to divorce. Just like pre-nups, post-nups may be criticized for making divorce easier. Additionally, some post-nups could be considered invalid if they are not properly drafted and validated.

Creating a Valid Postnuptial Agreement

A valid postnuptial agreement should be drafted by a qualified attorney to ensure that it is legal. The purpose of the document should be to clarify and reaffirm the arrangement, not make things unclear. It is essential to be clear and precise in the document. While you may feel the need to address social issues, these should not be the main focus of the postnup. Social issues that make their way into such agreements may include things such as when and how a Facebook post can be made, or when a person you are dating can be introduced to the children. Within a postnuptial agreement it is important to address financial issues of the relationship; furthermore, it can include important information regarding wills and trusts.

Signing a Postnuptial Agreement

If you are presented with a postnuptial document it is best to take some time to completely review the document before you sign it. The agreement should be fair to both parties. Remember that you can add to the agreement if you don’t think it covers your own needs. You can also ask to make changes to it. Keep in mind that it will be much easier to resolve issues now than after the document is signed and put into place. To protect your interests, have the document reviewed by a reputable divorce attorney to ensure that it covers your needs and is fair.

How to Fight an Unfair Postnuptial Agreement

If a couple divorces with a prenuptial or postnuptial agreement in place, the document typically takes effect unless one spouse can prove that the agreement is not valid. An agreement may be invalid if it was not signed voluntarily, if one person acted fraudulently, or if a party was under duress when the document was signed. If the agreement is unreasonable a court could rule it unfair and, thus, not binding. Additionally, if a couple both agree, they can request the court to put aside the agreement or modify it. Just because a prenup or postnup is in place does not automatically mean it must be followed. If you have such a document it is necessary to bring it to the attention of your attorney immediately so it can be properly addressed.

If you have any questions or concerns about a postnuptial agreement or are about to begin a divorce, contact the Tampa divorce attorneys and family law lawyers at All Family Law Group, P.A. in Tampa Bay at 813-816-2232 for a consultation at no charge or email us.

By Lynette Silon-Laguna Google+

Supreme Court of Florida Weighs in on Waivers in Hahamovitch v. Hahamovitch - Pre Nuptial Agreements

A prenuptial agreement can be an effective tool for two people to settle the division of assets upon the dissolution of the marriage. Prenuptial agreements can be complex agreements that should be approached with great care and diligence. Both parties to the agreement should have a full understanding of the subject of the agreement and retain counsel to advocate for their interests. One common element of prenuptial agreements is a waiver and release of claims, which can vary in specificity. In Hahamovitch v. Hahamovitch, the Supreme Court of Florida determined the validity of general waivers as they relate to certain marital property and claims.

Issue of the Case

In Hahamovitch v. Hahamovitch, the husband and wife executed a prenuptial agreement before marriage, which lasted for 22 years and produced two children. The prenuptial agreement contained:

• a general waiver and release that barred the wife from asserting any claim to the husband’s property, and to any rights she otherwise accrued as a result of the marriage, such as alimony, support and maintenance, equitable distribution, division of property, or attorneys’ fees;
• a provision that each spouse shall keep sole ownership of their respective property that was acquired before or after the marriage, and that each waived all right to the other’s assets; and
• a presumption that property titled in one spouse’s name was deemed to be that spouse’s property.

Upon their divorce, the wife claimed that the general waiver did not apply to her right to her share of her husband’s earnings, assets purchased with those earnings, or any appreciation or enhanced value of her husband’s assets as a result of marital efforts. Before the Hahamovitch decision, Florida courts were split as to whether a general waiver as described above is a valid means to waive a spouse’s right to such assets.

The Court’s Ruling

In a unanimous decision, the Supreme Court of Florida settled an important legal issue in Florida divorce law. The court held that prenuptial agreements that contain a general waiver that provides that each spouse:

1. disclaims all interest in the other spouse’s property;
2. will be the sole owner of property purchased in their own name; and
3. waives all claims that they may have as a result of the marriage, e.g., alimony;

…are valid and will prevent each spouse from claiming a share of property owned and titled in the other spouse’s name, regardless if that property was purchased with marital assets or appreciated in value because of efforts by the non-owner spouse.

Impact on Prenuptial Agreements

Before Hahamovitch, Florida courts varied on the specificity required for waivers for certain marital assets, such as a spouse’s earnings. The court’s decision brings clarity in that a properly drafted waiver can serve to preclude claims otherwise allowed under Florida law.

Considering or Need Help with a Prenuptial Agreement?

Prenuptial agreements are complex and require careful consideration, especially when they contain a broad waiver and release of claims. The divorce attorneys at All Family Law Group, P.A. have the knowledge and skill necessary to protect your interest in entering and exiting a marriage. If you need help or have questions about your divorce or prenuptial agreement, contact the Tampa family and divorce lawyers at All Family Law Group, P.A. in Tampa Bay at 813-816-2232 for a consultation at no charge or email us.

By Lynette Silon-Laguna Google+