Although it may be tempting to suppose that a prenuptial agreement is only for the rich and famous, this couldn’t be more wrong.
A prenuptial agreement consists of the details of what will occur in the event of a divorce, specifically discussing the financial aspects of the marriage. A family lawyer Miami can assist everyday individuals in protecting their income and assets in the case of a failed marriage. More and more, Americans are realizing the importance of a prenuptial agreement. In 2010 a poll was taken that found that nearly one third of single adults would ask their next spouse to agree and sign a prenuptial agreement.
From this poll, about 15% of the divorced individuals regretted not having a prenuptial agreement and 40% of these individuals would ask their forthcoming spouse to sign a prenuptial prior to entering another marriage.
Below are some of the reasons why although you may not be part of the “rich and famous” who is followed by the paparazzi, you may consider signing a prenup, other than the obvious protecting your assets, business interests, and income.
Arranging the distribution of assets that are acquired during marriage - a prenuptial agreement allows you to determine in advance how the assets that were acquired during the marriage will be divided in a divorce.
Protect you from your Spouse’s Debt - A prenup can isolate the debt that already exists so that one spouse is not responsible for the existing debt in the event of a divorce. A prenup can also offer protection from any debt that the other spouse acquires throughout the marriage.
Preserve assets for children from a prior marriage - For second marriages or any following marriages, if there are any children from these marriages, a prenuptial agreement can preserve the assets that should go to these children in due time.
Secure the family heirlooms - If there are any assets that belong to a particular spouse that has any sentimental meaning, regardless if they do not have monetary value, a prenup can state who obtains these assets in the event of a divorce.
Protect an inheritance - If one or both spouse is expecting an inheritance during a marriage, the prenuptial agreement can consist of provisions that the state inherited assets will remain as the belonging to the inheriting spouse. The inheritance remains to belong to the inhering spouse as long as it is kept independent from community property.