Sandy T. Fox Premarital Agreements Law Blog on Lawyers.com

Are you and your partner thinking about a prenuptial agreement before getting married?

A prenuptial agreement or commonly abbreviated prenup or prenupt is a contract that an unmarried couple with mutual consensus signs before marriage or civil union. The contract usually includes the terms for property division and spousal support or alimony, if the marriage were to breakup or end in divorce. Other common names are antenuptial agreement and premarital agreement.

It is important to think about a prenupt if you: own real estate, have other assets worth more than $50,000, own or partially own a business, earn a yearly salary exceeding $100,000, have valuable retirement and employment benefits, and if your estate will go to a person other than your spouse if you pass away.

Making a list of things you want in the prenuptial agreement is crucial. Examples are: identify separate versus joint property, money and property handling procedures after the marriage, alimony decisions, agreements on retirement benefits, and estate planning. Taking care of children from previous relationships, how to handle a personally owned business, responsibility of debts, and tax return procedures can also be listed. It is essential to also discuss: who pays the household bills and how it will be done, how to manage joint bank accounts and credit cards, large purchase agreements, savings accounts agreements, decisions regarding higher education, provisions for the surviving spouse in the estate or life insurance coverage, and ways to settle future arguments.

There are many benefits to having a prenuptial agreement. Contrary to what some may believe, it can actually strengthen the relationship. Discussing money issues can improve relationship quality and promote effective communication in the marriage. It can eliminate disputes that could happen in the future. It also helps eliminate hassles and hard feelings in the long run. Prenuptial agreements can minimize the financial and emotional upset in a divorce. It also saves time and money in the event of a divorce. Having a prenuptial agreement can eliminate a great deal of divorce proceedings.

Without a prenupt, if couples do not agree on the division of assets, the state will do it for them. A prenupt can protect you so a divorce court cannot make the final decision regarding your assets and estate.

Deciding to have a prenupt should be a mutual decision between both parties without persuasion or pressure. It will take some time because mostly likely both parties will not see eye-to-eye at the beginning. It is very important for both members of the couple to be in complete agreement with the terms of the contract before it is signed. A counselor who specializes in premarital counseling can help things go more smoothly and help you work on communication and negotiation skills.

Located between Miami Beach and Fort Lauderdale, the Florida family law attorney, Sandy T. Fox can assist you with your prenuptial needs in Aventura, Miami Dade County and the surrounding areas. For more information on family laws, prenuptial agreements and divorce proceedings contact the Law Office of Sandy T. Fox or call at (888) 217-7526.