When Florida residents are getting married, they do not want to think about the worst-case scenario in which the marriage will not work out and they will need a divorce. However, it is an unfortunate reality that many marriages end in divorce and people express regret about not having the protection of a prenuptial agreement. Before saying “I do,” considering times when a prenuptial agreement may be more vital than others will warrant a close look at the idea and taking steps to create a viable document.
Financial experts suggest that there are three situations where a prenuptial agreement is essential. For people who are in a second marriage, the blending of families can spark complications. The family from the first marriage might have the expectation that they will get certain assets if the parent and former spouse dies. The new marriage could lead to dispute among the parties. Having a prenuptial agreement to address this will prevent confusion and disagreement.
Business owners should consider the value of a prenuptial agreement. When there is a family-owned business that might have been in existence for generations, one of the last things a person wants to face is the business being fodder for property division in a divorce. Other factors that could be concerning are intellectual property and products from the business.
People who have different levels of wealth should think about a prenuptial agreement. There is a common perception that a person who is a millionaire and is marrying someone of lesser means are the only ones who should get a prenuptial agreement. The disparity does not need to be that significant. If there are retirement accounts or a plan to have reasonably high income in the future, a prenuptial agreement can be beneficial.
People may believe that they have no need for legal advice regarding a marriage until they are getting divorce and child support, child custody, property division and other factors come to the forefront. A prenuptial agreement can be useful in many situations, but those mentioned above are some of the most common circumstances in which it could avoid rancor and an extended legal battle. When getting a prenuptial agreement or dealing with the aftermath of not getting one and going through a divorce, a law firm experienced in family law may be of assistance.