No one should enter into a marriage anticipating failure but premarital agreements (aka prenups) protect both parties and their families should something go wrong.
Some of the advantages are that prenups and postnups can help to avoid extensive litigation costs. So, why should I get a prenup? You are telling the state of Florida what you want. You are telling the courts, lawyers and everyone else what you want to do and how you want your money to be spent, even before you get married.
Otherwise, if you don’t tell Florida how to do it — the laws of divorce in Florida dictate. And it’s not always the way you would expect.
Another advantage is to protect against fears of family members. This can come up in numerous scenarios. Some people would like to make sure that their families prior to the marriage are protected, or that a family business interest is insulated. This advantage also includes protecting family assets. There are all types of people with all kinds of financial situations that walk into marriages. Prenups give you a chance to tell the courts how you and your future spouse would like things to play out in the unfortunate event of a divorce.
A major advantage is to protect business assets. This is one of the areas which we routinely see in prenups and postnups, but again, this is not the only reason to obtain a prenup or postnup. You do not have to be a Walmart Heir in order to get a prenup. But if you are a Walmart heir, and you are getting married, I think almost every divorce lawyer in the United States would be surprised if you did not obtain a prenup.
An underutilized reason for a prenup is for the protection against creditors and debt. Again, everyone comes into a marriage a different person than their soon-to-be spouse and when you are thinking about table linens and who is going to sit at table 8 with aunt Alex, no one wants to think about the $2,000,000 lien your soon to be spouse has against him during his last foray into edible furniture. So, call an attorney and protect yourself. Prenups can help even in these situations.
Finally, even though there are other advantages to prenups and postnups, a specific advantage people think about is estate planning and predetermined disposition of property. This is a important area in many prenups. Many prenups deal with the disposition of a premarital home but there are so many other areas that can be dealt and can help you along the road towards proper estate planning and making sure that your wishes are carried out.
Are premarital agreements expensive?
No. Compared to the cost of an average wedding or an average divorce, a premarital agreement is a bargain.
The best way to think about it is like buying insurance: it’s a small one-time cost for something you never hope to use, but if you ever need it, you’ll be glad you have it, and it will save you a lot of money.
Can a premarital agreement be terminated or modified?
Yes, after marriage, a premarital agreement may be amended, revoked, or abandoned only by a written agreement signed by both the parties.
Call William S. Foley, a Tampa Prenup Lawyer at (813) 272- 2345 so that we can set up an initial consultation on your prenuptial agreement.