You may have had a lucrative career in the Boca Raton area or received a substantial inheritance before marrying, and now that you are engaged, you may want to make sure your wealth is protected should the marriage not last. One way to do this is by executing a prenuptial agreement. The following are some reasons why you may want to seek a prenup before marrying.
You have more assets than your spouse
If there is a large disparity between what you own and what your spouse owns prior to marriage, you may want to execute a prenup. A prenup can dictate which assets are to remain separate assets in a divorce, and thus will not be subject to property division.
You earn significantly more than your spouse
You may come into your marriage with a job that pays you significantly more than what your spouse earns. When there is a vast disparity of income between spouses, it may be good to consider a prenup. A prenup can state how much spousal support the lesser earning spouse will receive in the event of a divorce. Just make sure the agreement is not overtly imbalanced.
You have a child from a previous marriage
If it is not your first time marrying and you have a child from a previous marriage, a prenup might be worthwhile. A prenup can contain provisions regarding who will pay for the child’s needs. Keep in mind that a prenup does not replace a will or trust.
You own a business prior to marriage
Many people in Florida own a successful business prior to marrying. If so, it may be a good idea to execute a prenup. A prenup can include provisions protecting both the assets of the business in the event of a divorce, as well as protecting your spouse from the business’ debts.
You received an inheritance before marrying or expect to inherit in the future
You may have inherited a great deal of money before you met your soon-to-be spouse. If so, executing a prenup may be in your best interests. This is because, although an inheritance is considered separate property, this can become problematic if you commingle your inheritance with marital assets. Commingling can transform a separate asset to a marital asset. A prenup can clearly state inheritances will remain separate.
If you want to execute a prenup, help is available
This post only provides an overview of some reasons why people in Florida execute a prenup. It does not contain legal advice. Family law attorneys in Boca Raton can provide further information on this topic to those interested.