Prenuptial agreements: What they can and cannot protect

 

Marriage is a huge milestone in any person's life. It's an exciting and romantic time filled with planning for the future. But have you considered the possibility that the marriage may not work out? It's not a pleasant thought, but it's a reality that must be considered, especially when you have assets to protect. This is where prenuptial agreements come in. In this blog post, we will explore what prenuptial agreements are, what they can and cannot protect, and why you may need one. If you are looking for help with prenuptial agreements in Orlando, FL, Ilvento Law is here to help.

 

What is a Prenuptial Agreement?

A prenuptial agreement is a contract between you and your soon-to-be spouse that outlines how assets and debts will be divided in the event of a divorce. It's essentially an insurance policy for your assets. While many people think that prenuptial agreements are only for the wealthy, they can be useful for anyone who has assets they want to protect. Prenuptial agreements can also outline things like spousal support and how property acquired during the marriage will be divided.

What Can a Prenuptial Agreement Protect?

Prenuptial agreements can protect a variety of assets, including real estate, businesses, investments, and retirement savings. They can also protect inheritance or gifts that you may receive during the marriage. Additionally, prenuptial agreements can specify that debts incurred during the marriage will be the responsibility of one spouse over the other.

What Cannot a Prenuptial Agreement Protect?

While prenuptial agreements can protect many assets, there are some things that they cannot protect. For example, child custody and child support cannot be determined in a prenuptial agreement. Additionally, prenuptial agreements cannot dictate anything illegal or unfair to one spouse. For example, a prenuptial agreement cannot be used to waive alimony altogether, or to limit a spouse's earning capacity.

Why Do You Need a Prenuptial Agreement?

No one enters into a marriage expecting it to fail. However, it is important to plan for the unexpected. A prenuptial agreement is an opportunity for both you and your spouse to have an honest conversation about money, property, and future expectations. By having a prenuptial agreement in place, you can help protect yourself and your assets in the event of a divorce. It also gives you a level of control over what happens to your assets, rather than leaving it up to the court to decide.

 

Conclusion

While prenuptial agreements may not be romantic, they are an important conversation to have before tying the knot. They can protect your assets and help you plan for the unexpected. If you are in need of a prenuptial agreement in Orlando, FL, Ilvento Law can help. Contact us today for more information.