Not every marriage is meant to last, and some couples in Florida who married in their younger years end up getting divorced decades later. Sometimes, after the divorce is final, a person will find love again and decide to remarry. By this point, however, that person may have accumulated a significant amount of valuable assets and wealth. If this is the case, they may want to consider executing a prenuptial agreement (referred to as a premarital agreement under Florida law), to avoid the difficulties that could be encountered in a high net worth divorce.
When a person is entering their second marriage, they will want to consider how they will support themselves financially while married. A prenup can address what income and retirement assets will be retained as separate property and what income and retirement assets will be considered marital property. The prenup can also address who will be responsible for what costs when it comes to household expenses.
Prenups can also address how a person’s assets will be handled should they pass on before their new spouse and their children from a previous marriage. For example, a prenup can include provisions that an estate plan will be executed that divides one spouse’s assets between the other spouse and any children from a previous marriage. This way, a person’s loved ones will understand what that person’s wishes are regarding their estate, which could avoid legal disputes down the road.
Finally, prenups can delineate which assets will be marital assets and which assets will be separate assets. This could make the property division process run more smoothly should the couple decide to divorce. In addition, this can ensure that each spouse retains a fair amount of assets.
Prenups can be very valuable in a second marriage, especially for older couples who may be facing a high net worth divorce. A prenup can address how assets will be handled during the marriage, what will happen to assets in the event of a divorce and even how assets will be divided between a new spouse and children from a previous marriage if a party to the agreement passes away. However, prenups are legal documents, so each party to a prenup will want to seek legal guidance before signing on the dotted line, to ensure the agreement is fair and accomplishes what they intend it to.