Tis the Season for Love and Prenups
Valentine’s Day is upon us and it is one of the most popular dates to get engaged. As you look forward to married life with excitement and begin planning for that big day, don’t forget to include planning for a prenuptial agreement as well. While there are some who may still view prenups with a suspicious side eye – times are changing. Prenups are shedding their bad reputation and have exploded in popularity among the younger generations. Even those walking down the aisle for a second or third time have learned the value of a good prenup. People are realizing that prenuptial agreements are a useful tool to achieve financial clarity and security as a couple and not a commentary on their relationship or prediction for divorce.
Here are some things you need to know about prenups:
1. Prenups are not love at first sight. A good prenup takes time. People frequently underestimate the amount of time and work it takes to finalize a prenuptial agreement. You are not signing just any piece of paper. This is a process. I strongly recommend that you begin that process with your partner at least three (3) to four (4) months prior to the wedding date. This allows enough time to do everything necessary to have a valid and enforceable agreement. This includes the exchange and review of financial documentation about your respective incomes, bank accounts and retirement accounts just to name a few items. It also gives the lawyers enough time to negotiate, draft and revise the prenuptial agreement as needed.
2. Love is blind, prenups are not. Prenups are designed to provide financial certainty, autonomy and transparency. They exist to save you from yourself. As a divorce lawyer, I hear a lot of stories that invariably include the following: “We keep separate bank accounts” or “I bought this house before the marriage” and “I started this business.” These are some examples of why they didn’t get a prenup. This does not protect you. Too often, many divorcing couples discover that Florida law has certain nuances that can drastically impact their financial settlement, for better or worse, in the absence of a prenup. What they thought were exceptions (and safe) turned out to have loopholes. A conversation with a divorce lawyer is the eye-opener you need.
3. What is love? Baby don’t hurt me…Love is a prenup. No one wants to get hurt in love. No one wants to get hurt in their divorce. A prenuptial agreement ensures that undesirable outcomes do not happen to you. A prenup means you are not “stuck” with Florida statutes and rules you may think are unfair or do not align with what you want. It gives you and your partner control over the division (or not) of property. It can limit or even eliminate alimony. You decide, not the court.
4. Girls just want to have fun – not pay. Women are increasingly benefiting from prenups. More single women than men own a home. More women than men are obtaining postgraduate degrees. Women have professional careers and are starting to outearn their partners. Remember that the law is gender neutral. It’s the higher earner potentially paying the lower earner. A woman will be ordered to pay alimony. A prenup offers a solution.
5. But a prenup can’t do that. There is one area that a prenuptial agreement cannot address- children’s issues such as timesharing and child support. People often ask if these provisions can be included in a prenup. Florida law requires that judges address those issues at the time of the divorce (not before) to ensure the best interests of the children. You cannot predetermine timesharing or waive child support.
Prenuptial agreements offer many more benefits than those stated in this article. They are worth the relatively small investment now to save time and a lot of money later. No one ever regrets a prenup if it’s done correctly. Win-win for all.
