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Premarital agreements, also known as prenuptial agreements, are defined as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” Although sometimes portrayed in a negative light, premarital agreements are a very sensible precaution. A well-thought-out premarital agreement can prevent wasting time and financial resources that would inevitably be necessary in the event of a divorce. At Winthrop Law Offices, P.A., our knowledgeable Florida premarital agreement attorneys are experienced in preparing and executing comprehensive premarital agreements.
Florida Uniform Premarital Agreement Act
Florida is one of 28 states to adopt the Uniform Premarital Agreement Act (UPAA). UPAA aims to establish more standardized rules for premarital agreements and post-nuptial agreements throughout the country. Pursuant to UPAA, there is a myriad of issues that may be addressed by a premarital agreement, including:
- Property owned by either party, no matter when it was acquired
- The right to manage and control property
- The disposition of property
- The establishment, modification, waiver, or elimination of spousal support
- The making of arrangements, such as a will or a trust, to carry out agreement provisions
- Life insurance policies, including how they are owned and disposition of death benefits
- Choice of law governing the construction of the agreement
- Any other matter that does not violate Florida’s public policy or a law that imposes a criminal penalty
One matter that may not be adversely affected by a premarital agreement is child support.
Florida Premarital Agreement Requirements
In order for a court to enforce the terms of a premarital agreement, the following must be true:
- The agreement is in writing and signed by both parties
- Both parties executed the agreement voluntarily
- The agreement was not reached through fraud, duress, coercion, or overreaching
- The agreement was not considered unconscionable when it was executed
- Both parties were provided with adequate financial disclosures or properly waived the right to receive a comprehensive one in writing at the time the agreement was executed
Full Financial Disclosure in Florida
Florida courts emphasize the importance of full financial disclosure by the parties to a premarital agreement before the execution of the agreement. So what is full disclosure? Full disclosure means each party has complete knowledge of the other party’s assets, liabilities, and income. This includes but is not limited to property, trust holdings, stock holdings, checking, and savings accounts. When one party fails to provide this information to the other, they cannot enter into the agreement with full knowledge of what they agree to, which gives the party that did not receive the full disclosure leverage if they later choose to challenge the validity of the premarital agreement.
Be Prepared; Contact Our Florida Premarital Agreement Attorneys Today
A premarital agreement can prevent expensive and time-consuming property negotiations and litigation. If you are contemplating marriage, contact one of our premier Florida premarital agreement attorneys and discover how a premarital agreement can best serve you and your intended.