Before they marry, some Florida couples execute a prenuptial agreement to protect their personal or business assets. As noted by SmartAsset, prenuptial agreements may also include instructions for preserving the inheritances of children born during a previous marriage.
Prenups generally describe which assets a spouse designates as “separate property.” The described assets may not become part of a couple’s shared marital property. With signed agreements, Sunshine State divorce court judges may uphold an individual’s separate business interests, retirement or pension plans along with other valuable properties.
Agreements may require post-marital modifications
Some couples may experience an unanticipated change in their financial circumstances during their marriage. A spouse may, for example, lose a high-salaried position or develop an obsession involving expensive pursuits such as exotic vacations.
A couple’s new lifestyle may result in commingling a spouse’s separate property with marital property. A revised prenup may then specify provisions for dividing assets based on the unexpected changes. A postnuptial agreement may, for example, require a spouse to pay alimony or detail how the couple plans to split their debts in a divorce.
Grounds may exist for agreement voids or contests
Contentious divorces may include spouses attempting to void their signed prenuptial or postnuptial agreements. A judge may review the terms or language and determine their fairness to both parties. If a spouse coerced another spouse to sign it, for example, a judge may void the agreement.
According to the Florida Bar, prenups cannot contain falsified information or result from an individual signing under duress. The Sunshine State’s law also requires both individuals to read their documents and obtain legal counsel.