Prenuptial Agreements in Florida
While discussing a prenuptial agreement before getting married can sometimes be difficult, it can also be one of the smartest decisions you ever make. Having an agreement in place in case of a dispute can have a significant impact on your financial security. And while having one in place is always a good idea, it is also crucial that it is specific enough for your circumstance and key terms aren’t left ambiguous. For these reasons, working with an experienced divorce attorney can help ensure that your prenuptial agreement is crafted to your specific needs and also in compliance with Florida law.
The Importance of Specificity in your Prenuptial Agreement
For example, in Florida, certain rights, such as child support, cannot be waived, even via pre- and postnuptial agreements. Florida courts have also found that even with prenuptial agreements in place, certain rights cannot be waived, such as the right to certain assets that were a part of the marriage. If the prenuptial agreement does not specify that either spouse has rights to the enhancement value of a particular piece of property, for example, that value would then, by default, be subject to equitable distribution under Florida law.
This means that the specific wording of these agreements is absolutely critical and can make all the difference between a prenuptial agreement that accomplishes what you need and one that falls short of ensuring that you and your loved ones are taken care of. It is also important to remember that even one mistake could invalidate the entire agreement.
The Prenuptial Agreement Law in Florida
Under Florida law, parties to a premarital agreement may contract with respect to the:
- Rights and obligations of each of the parties;
- Right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
- Disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
- Establishment, modification, waiver, or elimination of spousal support;
- Making of a will, trust, or other arrangement to carry out the provisions of the agreement;
- Ownership rights in and disposition of the death benefit from a life insurance policy; and
- Choice of law governing the construction of the agreement.
There are also disclosures that must be included in all of these agreements, including:
- Complete financial disclosure, including the value of the assets each party holds (to be sure, only postnuptial agreements require full financial disclosure; this is not a requirement for prenuptial agreements);
- Consideration (the marriage itself; as the premarital agreement is effective upon marriage);
- Net worth and income; and/or
- Any relevant execution formalities and/or waivers of equitable distribution of property, such as testamentary provisions, last will and testament provisions, alimony, interest in retirement plans and/or marital earnings, etc.
Divorce & Property Division Attorneys Serving Orlando, Sarasota, and Tampa
Financial planning is crucial for everyone. Coming to an agreement with your partner can help ensure that you have control over what happens instead of automatically defaulting to what Florida law dictates.
At HD Law Partners, our experienced family law attorneys understand what is at stake when it comes to marriage and divorce. We’ve been providing trusted legal representation for clients throughout Florida with over 40 years’ combined experience. When it comes to planning for your future, you want to ensure that you obtain experienced, skilled legal representation. Contact us today to find out how we can help.