Signs You Need A Postnuptial Agreement
Just about everyone is familiar with the idea of a prenuptial agreement, but have you heard of a postnuptial agreement? Whereas a prenuptial agreement must be entered into prior to a legal marriage, a postnuptial agreement can be created at any time after a legal marriage. You can also create and execute multiple postnuptial agreements as the need arises. In this post, we’ll discuss some of those needs so that you can be prepared to contact an attorney and create a postnuptial agreement in the right circumstances.
Understanding Equitable Distribution
In Florida when a couple files for divorce, their assets are divided using a process known as equitable distribution. This process involves a judge determining what a fair division of assets would be based on a number of factors. That is, of course, unless the couple has a prenuptial or postnuptial agreement. In the event that the couple has such an agreement, the court will simply enforce it. Otherwise, the judge will determine how all shared property is divided. The judge only has jurisdiction over shared marital property, so separate property will not be divided. For this reason, whether property is classified as marital or separate property is critical, and can be a real point of contention. A postnuptial agreement allows the parties to determine in advance of any marital trouble how assets and property will be classified should they later file for divorce.
Signs That It’s Time for a Postnuptial Agreement
- You are receiving a large inheritance. Generally, inheritance is treated as the separate property of the spouse who received it, however, in some cases, the inheritance will be treated as shared property, such as when the inheritance is deposited in a shared account, treated as joint property, or used for shared expenses or home improvements. For this reason, it is a good idea to specify how inheritance should be treated in a postnuptial agreement.
- You have started a business. If you or your spouse own a business, it is essential to have a postnuptial agreement to determine how it should be treated. Failing to do so could mean that the business will be liquidated in the event of a divorce.
- You have children from a previous marriage. A postnuptial agreement not only specifies how assets and property should be treated in the event of a divorce, it can also determine how assets will be distributed in the event of the death of one of the spouses. If you have children from a previous marriage, it’s important to make sure that they are accounted for by determining in advance of any catastrophes what your spouse will receive and how your assets will be distributed.
Contact Greater Orlando Family Law Today and Schedule a Consultation
If you are in need of a postnuptial agreement, the experienced Orlando family attorneys at Greater Orlando Family Law are ready to help ensure that the assets that matter to you are protected. Contact Greater Orlando Family Law today to schedule a personalized consultation.