A prenuptial agreement spells out in clear language how the assets of both parties will be distributed in case a marriage ends due to divorce or death. Although most couples do not want to spoil the romance by talking about prenuptial agreements, they often make good financial sense.
Prenuptial agreements protect the wealthy as well as those who want to maintain property assets or investments such as stocks and retirement funds. Agreements also protect people who have children or grandchildren from a previous marriage, and similarly, those who maintain responsibility for the care of an elderly parent. Further, people who expect to receive an inheritance should consider a prenuptial agreement.
Many couples enter into a prenuptial agreement when one partner possesses more wealth than the other, when one is a student preparing to enter the field of medicine or another high-earning profession, or when one partner works to put the other partner through college. Conversely, a prenuptial agreement can be leveraged if one partner maintains significant debt that the other does not want to take on.
An Attorney and Partner with Gladstone & Weissman, P.A., Legal Services in Fort Lauderdale, Florida, Jeff Weissman commands experience in a variety of marital and family law issues. Mr. Weismann has presented several seminars for the Florida Bar Family Law Section on subjects such as drafting prenuptial agreements, equitable distribution, and enforcement of legal obligations.
A prenuptial agreement protects couples, their interests, and their assets in the event of a divorce. The provisions of the contract, which would be enacted if either spouse chose to dissolve the marriage, include predetermined rules about the preservation of pre-marital property, qualification for and division of marital property, and the amount and duration of spousal support. In addition, a prenuptial agreement can include provisions regarding estate rights and even penalties for infidelity or actions seen as contributing factors in the divorce regardless of whether the parties will be living in a state which adopts a fault or no-fault based system.
Divorce law delineates the allocations of assets from a marriage. A prenuptial agreement customizes the outcome of a divorce; it may also include provisions for children, including educational funding and ongoing support. In Florida and other states, however, custodial and child support provisions of a prenuptial agreement are never per se binding and will be subject to the province of the court. These contracts often minimize the duration of divorce proceedings because many terms of the separation are already established, saving both parties time and aggravation in what is usually an emotionally charged time.
About Jeff Weissman: With a proven record dating back more than 18 years, Jeff Weissman practices family law in Florida. A Partner in the firm Gladstone & Weissman, P.A., he provides capable legal counsel for such actions as divorces and custody cases. Visit GWPA.com for more information about attorney Jeff Weissman.