The Benefits of Having a Prenuptial Agreement
Wedding season in Pensacola is among us and while this is a season full of love and happiness, some couples may be faced with the not-so-happy topic of a prenuptial agreement. If your partner brings up signing a prenuptial agreement, don’t think it is because they have doubts or don’t love you. Prenuptial agreements are a safe way for both parties to ensure their commitment to one another and to make sure in the worst case scenario that it doesn’t work out, they are taken care of. Prenups are very common amongst individuals who are in their second marriage or have blended families. They are also common for those who want to protect their business or an inheritance. Prenuptial agreements don’t have to cause tension between partners. If you are considering a prenup, below are a few benefits to having one.
YOU WILL KNOW YOUR FINANCIAL OBLIGATIONS
In the case of divorce, having a prenuptial agreement helps you to know what your financial obligations will be. Prenups help to determine property settlement and alimony in the event of a divorce. Usually, when a couple divorces, their property is divided under the law of their state. Florida is an equitable distribution state, so in the case of a divorce, the court will divide marital property in a way that is fair but not necessarily equal. Having a prenup makes the Florida laws inapplicable by substituting the terms agreed upon during the prenuptial agreement. In easier terms, it allows couples to agree in advance on a settlement that makes sense for them.
JUMPSTART ON SHARED FINANCIALS
Did you know that one of the leading causes of issues in a marriage is financials? Signing a prenup forces you to consider your finances long before they have time to become a problem. The prenuptial agreement focuses on the financial relationship between you and your spouse so it helps to avoid future arguments regarding finances because everything is shared from the beginning. You will have to talk openly about your income, debt, assets and possibly inheritance. This may be an awkward conversation, but it helps to ensure you are both on the same page financially before entering into marriage.
COMMUNICATION AND COMPROMISE
In order for a prenuptial agreement to be valid, each individual has to be represented by independent legal counsel. The process of a prenuptial agreement runs smoothest when couples communicate openly and honestly with each other about the issues that are raised, terms of agreement and the reasoning behind their decisions. Constant open communication helps reduce potential surprises and helps you to understand where each other are coming from. Plus, the smoother the process the lower the legal fees!
Marriage is an exciting journey and a prenuptial agreement shouldn’t cause doubts or dismay between either party. Stephen T. Holman, Senior Partner, and Justin T. Holman, Partner, are committed to providing the best legal service in Pensacola, Destin, Pace and Cantonment, FL in a variety of legal areas including Family Law and Personal Injury. We specialize in Fathers’ Rights and will be there every step of the way to fight for your rights. Our office is located at 1940 W. Saint Mary Avenue, Pensacola, FL 32501. Contact us now for a free consultation at 850-435-6909 or go online at www.HolmanFirm.com.