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In case of divorce, prenuptial agreement may be wise

Most Florida couples do not enter into a marriage assuming that they will one day divorce; however, divorce statistics indicate that divorce is always a possibility. As a precautionary measure, many financial planners are advising their clients to consider having a prenuptial agreement drafted by the client’s legal representative. Divorce is not the only instance in which a prenuptial agreement could be beneficial: the death of a spouse could also indicate the need for one.

Typically, assets acquired prior to the marriage are considered separate property, and assets earned and acquired during the marriage are marital property. However, at times, these lines can become blurred, and a difference of opinion regarding who should receive what in a divorce settlement must be decided. A prenuptial agreement can indicate what each spouse is entitled to in the event of a divorce.

Another consideration is if one or both of the soon-to-be spouses have children from a previous marriage or relationship. Unless there is a will in place that leaves specific assets to the children, the majority of the estate will normally transfer to the spouse. If these assets should belong to the children, a prenuptial agreement can aid in this transition.

A prenuptial agreement is just one of the tools a Florida couple can use in planning for a life together. Rather than viewing the prenuptial agreement as a plan for divorce, they can use it as a means to reviewing their financial picture and establishing a financial plan for their future. Additionally, if there are children involved, both individuals will have a clearer idea of how they wish their estate to be handled.

Source: financial-planning.com, Advisors: Prenup pitfalls to avoid, Donald Jay Korn, March 3, 2014