What Should You Include in Your Premarital Agreement?

Getting married is a very exciting time in life. When planning for the big day, though, it is just as important that you plan for your future. No one wants to think about ending their marriage before even making it official, but drafting a premarital agreement can bring both spouses peace of mind. Contrary to what many people think, drafting a prenuptial agreement can also bring a couple together, as they talk about the issues they may face and resolve them before they even arise.

Still, not all premarital agreements are created equally. In order for you and your partner to have the protection you need, they need to be drafted properly. Additionally, you want to ensure that your agreement includes some of the most important provisions. Below, our Orlando prenuptial agreement lawyer explains what these are.

Differentiate Between Separate and Marital Property

One of the biggest purposes of premarital agreements is to differentiate between separate and marital property. Separate property refers to assets one spouse solely owns while marital property refers to the assets the couple jointly owns. Your premarital agreement should outline the bank accounts, real estate, vehicles, and other valuable property you each own individually, as well as jointly.

Responsibility for Debt

A premarital agreement should also outline in detail which party is liable for debts incurred before and during the marriage. This can ensure that neither spouse is liable for their partner’s credit card debt, student loans, or business debt. Ownership of these debts is not always straightforward. After marriage, both spouses may be partly liable for a debt that is in one person’s name only. A premarital agreement can clarify these terms and protect both parties.

Alimony

If one spouse will require financial support in the event the marriage is dissolved, it can be helpful to include provisions regarding alimony in a premarital agreement. This is often necessary when one spouse left the workforce to take care of the household or raise children. In the event of divorce, individuals in this situation may find themselves at a financial disadvantage, making alimony necessary.

Inheritances

Spouses who have children from a previous relationship should include provisions providing for them in a premarital agreement. This can work in conjunction with an estate plan. For example, if one spouse wants their child to receive certain property upon their death, they can include this in both their premarital agreement and estate plan.

Business Ownership

If you own a business, it is critical that you draft a premarital agreement. A prenup can provide the protection you need and ensure that your business is not divided between you and your spouse, or sold, in the event that the marriage dissolves.

Our Prenuptial Agreement Lawyer in Orlando Can Draft Your Agreement 

Prenuptial agreements are recommended for all marrying couples, but they are also not all created equally. At Anderson & Ferrin, P.A., our Orlando prenuptial agreement lawyer can advise on the provisions to include in yours and ensure it is executed properly so you have the protection you intended. Call us today at 407-412-7041 or contact us online to schedule a consultation and to get the legal advice you need.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.079.html