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Prenuptial agreements can be more than divorce insurance

| May 14, 2021 | Divorce

With about half of the marriages in Florida and around the country ending in divorce, it is not surprising that prenuptial agreements are gaining in popularity. Once seen as a tool reserved for the rich and famous, prenuptial agreements are now becoming far more mainstream. Many people see these agreements as a form of divorce insurance, but they are often a good idea even for couples who are confident their marriages will endure.

Peace of mind

Prenuptial agreements specify how assets and debts will be divided in a divorce and identify property that will remain separate. While putting this in writing can make property division negotiations far less contentious, it also lets spouses know where they stand. This provides spouses with peace of mind during periods of economic uncertainty and hardship, which can strain the bonds of even the strongest marriages. In a way, prenuptial agreements may actually be a form of marriage insurance.

Protecting businesses

Those who own companies may find themselves signing prenuptial agreements at the behest of investors or business partners. This is because people may be reluctant to put time or money into a commercial venture unless they feel confident that a divorce will not negatively impact the running of the business. Calls for a prenuptial agreement could be particularly strong when a person builds a business from the ground up and is widely seen as its driving force.

Enforceability

Not all prenuptial agreements withstand the scrutiny of a judge, and agreements that are unfair or outdated are far more likely to be challenged in a divorce. To prevent protracted and bitter court battles, experienced family law attorneys may advise couples to negotiate in good faith and work toward agreements that are basically fair. They could also suggest that they revise their prenuptial agreements when their circumstances change.