Are There Circumstances That Make Having a Prenup Non-Negotiable?
Regardless of whether a couple feels that discussing a prenuptial agreement is romantic or not, there are three circumstances under which they are absolutely essential: where one individual has significantly more assets than the other, when there is a family business involved on one side of the marriage, and when there are second marriages with children involved. In fact, in some circumstances, a prenuptial agreement is essentially the same thing as car insurance: you may not want to have to use it, but you will be glad you had it if you do, as it can protect you against a catastrophe.
Second Marriages With Children
When it comes to second marriages with children, there is no question that families merging can sometimes create complicated money discussions. A number of couples want to make sure that a prenuptial dictates that if one spouse dies, the other spouse will get the assets so that unintended family members do not end up with a spouse’s money. A prenuptial agreement can address where the assets go once both spouses pass away; for example, if the assets originally belong to spouse A, then they should eventually go to spouse A’s children, not to spouse B’s children once both spouse A and B pass away. Prenups help prevent discord by addressing these issues ahead of time.
A Business That Has Been In The Family
Any couple who has a family business should also play it safe with a prenup. This is especially important if there is a multi-generational family business involved. Prenups cannot only protect a business and assets, but also intellectual property rights.
One Person Has More Assets Than The Other
Keep in mind that when one partner has more assets than the other, a prenup is very important, and that person does not have to be in millionaire; even just owning some real estate or investing can warrant getting a prenup.
Don’t Forget About Postnuptial Agreements
Keep in mind that there are also circumstances that warrant considering a postnuptial agreement, which is entered into after a couple gets married. Possessing the same basic principles as prenups, the most common reason people get postnups is because they didn’t get a prenup done in time for the wedding, and rushing to get a prenup done can be used in court as a basis to set aside its validity.
Postnups are also a good idea if one person inherits a significant amount of money or property that they want to keep separate, or if one partner makes an economic choice that the other person needs to be kept separate from, for example, an investment that carries financial risk.
Contact Our Florida Prenuptial Agreement Attorneys to Find Out More
The Orlando prenuptial agreement attorneys at Greater Orlando Family Law can help you draft, negotiate, or review a prenup at any stage, for any reason, so that you can rest assured that you and your loved ones are protected. Contact us today to find out more about our services.
Resource:
businessinsider.com/prenuptial-agreement-needed-for-second-marriage-family-business-large-assets
