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Florida Family Law: Postnuptial Agreements
Most adult-aged Florida residents have an understanding of the general concept of prenuptial agreements, which is a legal document entered into prior to marriage governing topics, which include but not limited to, (i) alimony, (ii) personal and real property, and various other aspects of a couple’s rights that they acquire upon marriage and what happens if the marriage ends by death or divorce.
But, did you know that a married couple, who did not execute a prenuptial agreement prior to marriage, can nevertheless execute a postnuptial agreement regarding the couple’s rights that they acquired upon marriage and what happens if the marriage ends by death or divorce. Keep reading to learn more about postnuptial agreements in Florida as we’ll dive into the significance of postnuptial agreements in Florida, what they entail, and why they might be a wise choice for couples who have not executed a prenuptial agreement.
SECURING YOUR FUTURE WITH A POSTNUPTIAL AGREEMENT
A postnuptial agreement is essentially a legally binding contract made between spouses after marriage. When it comes to protecting your assets, clarifying the financial responsibilities of each spouse, and essentially maintaining your peace of mind in the event your marriage ends in death or divorce, then postnuptial agreements offer a valuable legal tool for couples who have not executed a prenuptial agreement.
A postnuptial agreement can be a proactive step toward addressing a married couple’s potential financial challenges and changes when a prenuptial agreement was not executed prior to marriage. It allows couples to navigate life’s uncertainties with transparency and clarity in a manner that can potentially reduce confusion and hostility.
If you’re considering a postnuptial agreement in Florida, consult with an experienced family law attorney who can help to guide you through the process of creating an agreement based on your specific needs, while ensuring that the agreement is legally valid.
WHY CONSIDER A POSTNUPTIAL AGREEMENT IN FLORIDA?
- Clarifying Financial Matters
- A postnuptial agreement can provide a married couple with clarity regarding financial matters that are specific to each of them individually (and as a couple). Additionally, it typically reduces any potential misunderstanding that may occur, and even avoid or prevent future conflicts over money during the marriage.
- Protecting Your Assets:
- If one spouse has significant assets they want to protect (whether the assets were acquired before or after the marriage) and the spouse wants to make sure that those assets remain within their family’s inheritance then a postnuptial agreement can safeguard and protect those assets.
- Allocation of Debt
- A post nuptial agreement can also describe and specify how debts acquired during the marriage are to be divided, which most married couples find valuable in those circumstances in which one spouse gets married with already having substantial financial debt liabilities.
- Protection In Light Of Potential Changing Circumstances During The Marriage
- We know that life is always changing, especially within a marriage. For example, life changes like the birth of a child, a potential change in career choice and shifting income, or even sudden financial windfalls, can be the catalyst for requiring a reassessment of a married couple’s financial arrangements. A postnuptial agreement typically allows a married couple to adapt to those changes.
LEGAL REQUIREMENTS IN FLORIDA FOR POSTNUPTIAL AGREEMENTS
Because a postnuptial agreement isa contract it must be legally valid under Florida law, which means it must be:
- A Voluntary Agreement: Both spouses must voluntarily enter into the agreement without any duress, fraud, coercion, or undue influence. If one, or both, parties enter into a postnuptial agreement under duress, fraud, coercion, or undue influence then a court is likely to find the agreement to be unenforceable and not valid.
- A Written Agreement: The postnuptial agreement must be in writing and signed by both spouses, as well as two witnesses.
- There Must Be Consideration: There must be an exchange of value(received or given up). When does the term “consideration” it represents something of value that each spouse to a marriage gives up (or receives) in connection with entering into the postnuptial agreement.
- There must be Full Financial Disclosure: Both parties must fully disclose their financial assets, debts, and income. Notably, when a spouse conceals assets a court may (depending on the specific facts of the case) determine that the postnuptial agreement is invalid.
- Fair and Reasonable Terms: The terms of the postnuptial agreement has to be fair and reasonable to both spouses at the time that the spouses execute the agreement.
If you, or someone you know, have questions regarding postnuptial agreements, or particularly, concerning a married couple’s marital assets and liabilities call us at The Joseph Firm and we will schedule you for a consultation.
Discuss Your Case with A South Florida Divorce Lawyer
The Joseph Firm, P.A., has extensive experience helping clients in various alimony matters in South Florida, including Miami-Dade and Broward County. Attorney Marck K. Joseph, Esq., BCS is a Board Certified Marital and Family Law expert, and is uniquely qualified in helping in most types of family cases. The Joseph Firm, P.A., fully understands the challenges of navigating marital (and nonmarital) assets and liabilities as well as the distribution of those assets and liabilities, and we're always ready to provide the highest-quality legal representation. Whether your case settles outside the courtroom or goes to trial (or final hearing),our attorneys go the extra mile for every client.
Our firm offers free case evaluations to determine whether the firm can assist you with your case, and if so, a case consultation meeting will be scheduled. The experienced divorce lawyers at Joseph Firm, P.A. are ready to hear your story. We provide smart, aggressive family law representation to clients. To learn more, call(305) 501-0992.