More Florida couples are signing prenuptial agreements with the hope that they will not need to rely on them, but those who have one in place are relieved at how well a prenuptial agreement can work to reduce stress and contention in a divorce. Prenups can be surprisingly flexible, too. Beyond excluding a spouse’s individual assets or inheritance from property division, prenuptial agreements can be useful in many situations, even if a couple does not have complex wealth to protect.
Many couples are entering marriage with thousands of dollars in student loan debt that complicates their efforts to make major financial decisions, such as buying a home or starting a family. A couple may decide to pay down one spouse’s loan, then work on eliminating the other spouse’s loan. If, for example, the wife contributes to paying off the husband’s loan but the couple divorces before the wife’s loan is paid off, a prenuptial agreement can stipulate how the wife will be compensated for her contribution to the husband’s debt.
Since Florida laws consider pets as property, divorcing couples may become frustrated when trying to decide who will take ownership of a beloved animal. A prenuptial agreement can address that question. A prenup can also stipulate who will take custody of any frozen embryos a couple may have in storage, or dictate that those embryos be destroyed if the couple divorces. Additionally, without a prenuptial agreement, many business owners are shocked to find that their companies are on the table during asset division.
It is understandable to have some trepidation about drafting such a contract before the wedding. However, an attorney can answer any questions. It is wise for each spouse to have separate legal counsel who can ensure the protection of individual rights.
