Prenuptial or Premarital Agreements
While people enter a marriage anticipating to remain married forever, divorce happens. During a divorce or dissolution of marriage action spouses must resolve several issues, including the division of property acquired during the marriage, identification of gifts between spouses, and division of business assets.
Often, settling these matters can cause a divorce action to become unnecessarily contentious and adversarial. Sorting out issues relating to property before the parties enter a marriage can reduce the personal and financial costs associated with divorce. Engaged couples may settle these matters in advance by entering a prenuptial or premarital agreement.
Prenuptial Agreement Overview
Under Florida Stat. § 61.079 a premarital agreement means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. A premarital agreement, also referred to as a prenuptial agreement or prenup, is a contract which governs the following:
- Property acquired by each party before the marriage
- Property acquired by each party during the marriage
- The right of each party to make decisions affecting the interest in property, including the right to sell, lease, mortgage, abandon, or transfer property
- What happens to property upon separation or marital dissolution of the parties
- What happens to property upon death of either of the parties
- Making of a will or trust
- Life insurance policies
Premarital agreements may not govern financial or medical support of any minor children of the marriage. Also, the prenuptial agreement may not have any provision that is illegal or against public policy.
Challenging a Premarital Agreement
A premarital agreement is not enforceable under the following circumstances:
- One party did not execute the agreement voluntarily
- The agreement was a product of fraud, duress, coercion, or overreaching
- The agreement was unconscionable when it was executed
A premarital or prenuptial agreement is considered unconscionable when one party was not provided with the following before the execution of the premarital agreement:
- Fair and reasonable disclosure of property or financial obligations of the other party;
- The party did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations; and
- The party did not have or reasonably could not have had adequate knowledge of the property or financial obligations of the other party.
Issues regarding the unconscionability of a premarital agreement must be decided by a court.
Quality Family Law ǀ West Palm Beach Prenuptial Agreement Attorney
The attorneys of Quality Family Law understand life happens. The team of attorneys at Quality Family Law handle all family law matters, including prenuptial agreements, cohabitation agreements, dissolution of marriage, alimony, child custody or time-sharing, and child support, and will be by your side each step of the way.
Contact Quality Family Law at (561) 693-3126 or submit an online form to schedule a confidential consultation. The attorneys Quality Family Law represent individuals and families throughout Palm Beach County, including Palm Beach, West Palm Beach, Boca Raton, Boynton Beach, Jupiter, Wellington, and surrounding areas.
Both Partners are Martindale-Hubbell AV Preeminent® Rated in Legal Ability & Ethical Standards.
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