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Is drafting a prenuptial agreement right for you?

Most Florida residents have likely heard about prenuptial agreements, read about celebrities having them or even know someone who either has one in place or is considering one. But, what exactly is a prenuptial agreement and what is involved in drafting one?

In essence, a prenuptial agreement, which is commonly referred to as a prenup, is an agreed-upon set of terms between a couple on issues such as assets, property and more, should their marriage end in divorce. It is a legal step that some couples choose to take before a couple enters into the marriage. Although most people may think that prenups are limited to rich people or celebrities, the reality is that anyone can get a prenup.

Some of the reasons for a person to consider getting a prenuptial agreement include the need to protect one's assets, to prevent one party from assuming the debts of the other party, to clearly state the financial rights and responsibilities of the parties during the marriage, to note what will happen to property upon death and to avoid an expensive divorce should irreparable differences between the parties arise.

If one decides to draft a prenuptial agreement, it is very important to keep in mind that because wealthy persons typically use this legal tool to protect their assets and because of the potential imbalance of wealth between spouses, courts closely examine prenups to ensure that the terms are equitable and fair and that the other spouse was not pushed, coerced or intimidated into signing the document. Thus, when drafting a prenup, it is essential for both sides to consult with independent counsel.

Finally, when there is no prenuptial agreement in place, should the marriage end in divorce, family laws regarding how property will be divided are applied. Whether to get a prenuptial agreement or not is an individual decision. The decision requires the parties to talk to each before marriage about finances, property and more. It is not for everyone, but it is an option.

Source: FindLaw, "Can Prenuptial Agreements Help You?" accessed Aug. 19, 2014

Source: FindLaw, "Can Prenuptial Agreements Help You?" accessed Aug. 19, 2014

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