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Prenuptial agreements can protect assets prior to marriage

Engaged couples have a lot of planning to do. Planning the wedding and planning for their future together is a hefty undertaking. It is an exciting time and it is also a time of change. For Miami couples looking to tie the knot, a prenuptial agreement can help to protect assets and allocate assets after a change in marital status.

Typically, assets can become marital property when a person ties the knot. Often, joint-assets are a goal of married couples. However, sometimes assets like family trusts or business assets are not meant to be property of a loved one, even if they are tying the knot. Some people need to keep their assets and liabilities separate in order to protect themselves or their spouse.

For many, the discussion of marital property and shared assets is a beneficial one that can help newly engaged couples. It helps them by beginning a conversation that can sometimes be difficult, like conversations about money and wishes of each spouse in managing their finances. For those looking to protect assets they have acquired before the marriage, a prenuptial agreement can allocate certain assets or liabilities to one spouse or both spouses by contract. A prenuptial agreement is a contract that needs to be agreed to by both parties to be valid.

There are things that cannot be included in prenuptial agreements. Any provision that looks to take advantage of one spouse over the other can be considered unconscionable. In addition, prenuptial agreements cannot stipulate what would happen in case of divorce. In general, prenuptial agreements are a great option for soon-to-be wed couples looking to protect their assets.

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