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Who Needs a Prenuptial Agreement in the Orlando, Florida Area?

Prior to marriage, it’s important to decide whether you need a prenuptial agreement. What is a prenuptial agreement in the Orlando, Florida area? It is a contract between two people who are going to marry in the future. 

Reasons to Enter a Prenuptial Agreement

People enter into prenuptial agreements to protect what they currently own or to protect what they will earn in the future during the marriage. They may also want to enter into a prenuptial agreement to protect the inheritance of what children from a first marriage would receive. They may enter into a prenuptial agreement to keep all their assets separate if there is a divorce. 

A prenuptial agreement can help you protect certain assets. Consider the following when deciding whether to get a prenuptial agreement: 

• Do you have children from a prior marriage that you want to protect their financial future? 
• Do you own a house currently in your name only? 
• Do you have a retirement fund? 
• Do you make a considerable sum of money each year? 
• Do you own a business? 

Your fiancé may not want to sign a prenuptial agreement. If you insist on having a prenuptial agreement, make sure it is prepared several months in advance of the wedding date. Make sure that your spouse knows your net worth or has waived the right to know your net worth. 

Florida Statutes on Premarital Agreements

One way to decide whether a prenuptial agreement is a good fit for you is to read up on the Florida law regarding these agreements. Florida Statutes Chapter 61.079 on premarital agreements states the following:
(2)“Premarital agreement” means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. “Property” includes, but is not limited to, an interest, present or future, legal or equitable, vested or contingent, in real or personal property, tangible or intangible, including income and earnings, both active and passive
(3)A premarital agreement must be in writing and signed by both parties. It is enforceable without consideration other than the marriage itself.
(4)Regarding the content of the Premarital agreement:

The Parties to a premarital agreement may contract with respect to:

1. The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
2. The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
3. The disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
4. The establishment, modification, waiver, or elimination of spousal support;
5. The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
6. The ownership rights in and disposition of the death benefit from a life insurance policy;
7. The choice of law governing the construction of the agreement; and
8. Any other matter, including their personal rights and obligations, not in violation of either the public policy of this state or a law imposing a criminal penalty.
(b) The right of a child to support may not be adversely affected by a premarital agreement.

(5) EFFECT OF MARRIAGE.—A premarital agreement becomes effective upon marriage of the parties.

(6) AMENDMENT; REVOCATION OR ABANDONMENT.—After marriage, a premarital agreement may be amended, revoked, or abandoned only by a written agreement signed by the parties. The amended agreement, revocation, or abandonment is enforceable without consideration.

(7) ENFORCEMENT.—
(a) A premarital agreement is not enforceable in an action proceeding under the Florida Family Law Rules of Procedure if the party against whom enforcement is sought proves that:
1. The party did not execute the agreement voluntarily;
2. The agreement was the product of fraud, duress, coercion, or overreaching; or
3. The agreement was unconscionable when it was executed and, before execution of the agreement, that party:
a. Was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
b. Did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided; and
c. Did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
(b) If a provision of a premarital agreement modifies or eliminates spousal support and that modification or elimination causes one party to the agreement to be eligible for support under a program of public assistance at the time of separation or marital dissolution, a court, notwithstanding the terms of the agreement, may require the other party to provide support to the extent necessary to avoid that eligibility.
(c) An issue of unconscionability of a premarital agreement shall be decided by the court as a matter of law.
(8) ENFORCEMENT; VOID MARRIAGE.—If a marriage is determined to be void, an agreement that would otherwise have been a premarital agreement is enforceable only to the extent necessary to avoid an inequitable result.
(9) LIMITATION OF ACTIONS.—Any statute of limitations applicable to an action asserting a claim for relief under a premarital agreement is tolled during the marriage of the parties to the agreement. However, equitable defenses limiting the time for enforcement, including laches and estoppel, are available to either party.
(10) APPLICATION TO PROBATE CODE.—This section does not alter the construction, interpretation, or required formalities of, or the rights or obligations under, agreements between spouses under s. 732.701 or s. 732.702.

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation

This article is for informational purposes only and does not form an attorney client privilege.