Recently, on The Couples Corner, we had the chance to sit down with Elizabeth Edwards, a family law attorney in South Florida and discussed prenuptial agreements. While a taboo topic for many, it is important to consider a prenuptial agreement as part of your “wedding budget”. It can be a helpful in setting the foundation for a successful and stress free future.
Elizabeth highlights that a prenuptial agreement can help couples figure out what would be done in case of a divorce or death. Couples and marital assets, those assets acquired during the marriage, can be subject to certain laws in the event of a divorce. While divorce is something most couples never hope for, having a prenuptial agreement protects both individuals in the unfortunate event of a separation.
Prenuptial agreements include information and decisions on what is done with assets acquired both during, and prior to, the marriage, alimony, and how marital debt will be resolved. Elizabeth mentions that anything relating to children is not included in a prenuptial agreement and temporary attorneys fees and temporary alimony cannot be waived by a prenup, only final attorneys fees and alimony can be waived by a prenup but almost anything else can be included in your prenuptial agreement.
Any business created while you’re married is considered a marital asset and if there is no prenuptial agreement, that business can be divisible in the divorce. Similarly, if a spouse adds the other onto the deed of a house owned prior to the marriage, the house is considered a marital asset.
Elizabeth recommends that talking about prenuptial agreements early on, perhaps even with the help of a counselor, will help couples in the long run. She stresses that prenuptial agreements are less about attacking the other person and more about protection both individuals in the relationship. Elizabeth can be reached at www.bfinkelpa.com