A prenuptial agreement, commonly abbreviated to “Prenupt”, is a contract entered into prior to the marriage or a civil union. Deciding whether to sign a prenuptial agreement can be one of the most difficult decisions engaged people face.
The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery. Conditions of guardianship may be included as well.
Some of the benefits of a prenuptial agreement include:
- documenting each spouse’s separate property to protect it as separate property
- supporting your estate plan and avoiding court involvement to decide property distribution
- distinguishing between what is marital and what is community property
- documenting and detailing any special arrangements between you and your spouse
- avoiding extended court proceedings, which result in the time of expensive divorce attorneys
- reducing conflicts during a divorce
- establishing procedures and rules for issues that may arise in the future
- assigning debt, such as credit cards, school loans, and mortgages, to the appropriate spouse to avoid both spouses sharing debt liability.
Discussing these issues nurtures healthy communication. Even if you and your spouse decide a prenup is not for you, discussing the mentioned issues is a very good idea.
At D’Lugo and DeFlora, P.A. we make it a high priority to communicate and explain the details of legal decisions that are made. We are here to listen and advise. Call 407-870-5551 for a consultation. We’re here to help! Our Kissimmee Family Law Practice serves Osceola County communities. Find us online at www.kissimmeefamilylaw.com.