As divorce has been on the increase for a number of years, so has the popularity of postnuptial agreements in palm beach garden Florida, as well as other states. While marriage has its share of romance and happy times, there are also times when things, especially financially speaking, need protection. There is also the issue of protecting children from a previous marriage from losing their rightful inheritance to a step-parent. This is especially important if the parent becomes critically ill or there seems to be a reason the step-parent would not care what happens to his or her stepchildren should the parent, biological or adopted, die.
A properly prepared postnuptial agreement, one in writing and signed by both parties with no coercion, witnessed and notarized should be accepted by the court if and when needed. Having a Family Law attorney help draw up the postnuptial agreement is advisable, and he or she will be able to share the pros and cons of the agreement for your particular case. In general, here are some of the pros and cons you will want to consider.
Pros:
· Allow the couple to plan how assets and debts will be divided should a divorce become necessary. This will prevent having a judge make those decisions. In other words, allow the couple to take personal control. As Florida is an equitable, not equal distribution state, this can be very advantageous. For example, a vehicle purchased after the marriage can stay with the party who desires it.
· Allow the couple to decide on how alimony (except for temporary alimony which cannot be included in a postmarital agreement) will be handled should there be a divorce. Sometimes alimony will be waived.
· Keep a business in the hands of who the couple wants.
· Prevent one or the other party from wasting assets or getting into extensive debt.
· Waiver of interest in the homestead property
· Who gets control or use of specific properties
· Life insurance policies depositions and ownership rights
· Waiver of interest in retirement plans
· Make sure children from a former marriage will receive what is rightfully theirs should their parents die.
· Determine who gets the family pet(s) as in Florida, pets are considered marital property and will be awarded to only one party. Visitation rights for pets are not adjudicated as they are with minor children.
Cons:
· Probably the most significant disadvantage to a postmarital agreement is the fact once it is made, it can be changed or revoked only if both parties agree and sign. This may be difficult as one or the other party may be angry or self-seeking and want to keep things the way they are. This is especially true when such events as extramarital affairs or taking advantage of a party develops.
· Time changes things, and often a postmarital agreement is no longer viable yet one or the other party doesn’t see it that way.
· Can, to a certain extent, take some of the romance out of the marriage and may even cause a reason later on forgoing their separate ways.
A postmarital agreement should not be entered into lightly. Both parties should get professional legal advice before entering into this type of agreement. It should be noted as well that child support, parent plans, parental timesharing, temporary alimony, and attorney fees cannot be put in a postmarital agreement in Florida. Take your time and think it through carefully before signing on the dotted line of a postmarital agreement.
