With a Florida divorce – particularly one that is a high asset divorce – there is a chance that there was a premarital agreement before the marriage. This is also referred to by some as a prenuptial agreement or, in short, a “prenup.” For both the spouse who entered the marriage with the bulk of the assets and the spouse who agreed to the premarital agreement, this can be complicated if the marriage comes apart and the decision is made to divorce. Understanding various points about the law when it comes to a premarital agreement is essential.
A premarital agreement is an agreement between the spouses as they prepare to marry. It becomes effective once they are married. In a premarital agreement, the parties can agree on the rights and obligations of each regarding the property belonging to either or both whenever and wherever it was acquired and located; they can agree on the right to purchase, sell or do anything else with the property; it can be stipulated how the property will be disposed of once the couple is separated, the marriage has ended in divorce, there is a death, or something else occurring or not occurring.
It can also agree on establishing, modifying, waiving, or eliminating of spousal support; the creation of a will, trust or other agreement to carry out provisions; ownership rights and disposition of a death benefit from life insurance; the choice of law that governs the constructing of the agreement; and any other issue that is not a violation of public policy or state law.
This agreement will go into effect at the time of marriage. After the marriage has been completed, the agreement can be altered, revoked or abandoned only if there is a written agreement that both have signed. These are basic facts of a premarital agreement. There are others that must be considered such as enforcement and will be discussed in a subsequent post. For questions regarding premarital agreements either from the perspective of the spouse who is requesting it or the spouse who will be compelled to sign it, it is wise to speak to a legal professional experienced in divorce.
Source: leg.state.fl.us, “61.079 — Premarital agreements.,” accessed on June 13, 2017