Should We Get a Premarital Agreement?

Until recently, only wealthy individuals with high-priced lawyers bothered with a premarital agreement. The laws were very complex. But recently, Florida lawmakers adopted the Uniform Premarital and Marital Agreements Act. This Act greatly streamlined the process, both in terms of making and breaking a premarital agreement. Furthermore, a Florida prenup may now be enforceable in another UPMAA state, such as California.

Under the new law, the purpose of premarital agreements is different as well. A prenup is now much more than divorce insurance. In fact, UPMAA prenups often strengthen marriages. Many Millennials and Gen Zers grew up in divorced households and they know all too well the emotional damage that divorce can cause. When a Tampa family law attorney draws up a prenup, the marriage has a much better chance of thriving.

Dispute Resolution Framework

Disputes are inevitable in any relationship. A prenup helps resolve these disputes, even if the disagreement isn’t addressed in the document.

Prenups usually begin by listing and classifying marital assets and debts. Addressing the problem is the first step toward solving it. When couples draw up premarital agreements, they fully understand the value of assets and debts. A retirement account is a good example. If Wife brings a 401(k) into the marriage, Husband learns that its value goes beyond numbers on a spreadsheet. Instead, the 401(k) represents a reward for financial responsibility and security late in life.

The process also teaches compromise. No one gets exactly what they want. Instead, they compromise in some places to gain in other areas. For example, during prenup negotiations, in the event of divorce, Husband might agree to give up part of his claim on Wife’s 401(k) if she agrees to give Husband complete title to a vacation cabin.

Finally, the prenuptial agreement process teaches spouses that a Tampa family law attorney is a last resort. When problems arise, instead of threatening to call a lawyer, try to work it out.

Money Matters

The financial angle may be the best reason for couples to sign premarital agreements, but not for the reason they think.

Disagreements over money are one of the leading causes of marital strife. Quite simply, some people are spenders and some people are savers. A prenup draws the line between saving and spending, so these matters don’t have a chance to poison your relationship.

Additionally, if a spouse files for divorce, property classification and division is usually the most time-consuming portion of a divorce case. A prenup resolves these issues in advance.

A Tampa family law attorney can draw up an amended prenuptial agreement at almost any time if the couple’s financial picture changes in any way.

Future Planning

Prenups have emotional benefits as well. If a spouse has been married before, that divorce usually cuts off inheritance and succession rights for any children of that marriage. That may not be the desired result. For example, Husband might want to pass his barber shop to his son when he dies.

A prenup clears up these inheritance rights and also avoids family conflict. Everything is in black and white, so there’s a lesser likelihood of hurt feelings or conflicts. To make their wishes even clearer, many spouses also draw up executory documents, like trusts and wills, that mirror the provisions in the prenup.

Count on a Thorough Hillsborough County Lawyer

Divorce and other matters involve significant financial and emotional issues. For a confidential consultation with an experienced family law attorney in Tampa, contact Westchase Law P.A. We routinely handle matters throughout the Sunshine State.

Source:

uniformlaws.org/committees/community-home?communitykey=2e456584-938e-4008-ba0c-bb6a1a544400&tab=groupdetails