- 06 Jul
Waiving Spousal Rights in Prenuptial or Other Marriage Agreements
Prenuptial agreements, also referred to as antenuptial agreements or prenups, are used to clarify the interests and protect the assets of spouses entering a marriage.
Creating the Basic Prenup
The prenuptial contract defines the responsibilities of each party during the marriage and identifies how the personal assets, liabilities, and property will be dealt with in the case of divorce, separation, or death.
Valid prenuptial agreement must be fair, voluntarily accepted by both spouses, and be based on complete and accurate financial information from each spouse. Additionally, each spouse must have had the opportunity to consult with independent counsel. For more information on the basics of prenuptial agreements, click here.
As family structures have changed over the last few decades, it has become more common for soon-to-be spouses to set up prenuptial agreements to ensure that children from previous marriages or relationships receive certain property or assets. In these cases, one spouse may want to collect appreciation from a business created prior to marriage. In another case, one spouse may want to protect the other from getting entangled in his or her premarital debt.
Waiving Rights in Prenups
Without a prenuptial agreement, the dissolution of marriage typically invokes community property laws that require the distribution of assets between spouses. But with some thought and planning, soon-to-be newlyweds can choose to waive their rights to each other’s premarital assets to allow each spouse to designate who will benefit from the assets. Clear decisions outlined in prenuptial agreements regarding property rights will override the state community property laws.
So, if one spouse agrees to waive an elective share in a prenuptial agreement, then the other spouse will be able to leave the majority of his or her estate to his or her children from an earlier marriage. Similarly, spouses can specify which assets or property will be marital property and which will be separate property. In addition, spouses can include language to waive access to each other’s retirement accounts.
Planning a Wedding
If you are contemplating a prenuptial or postnuptial agreement, our experienced attorneys can guide you and your partner or spouse through the key questions to help determine whether a prenuptial or postnuptial agreement will be valuable for you. Our compassionate attorneys provide private complementary consultations. For more information, contact us at Troy Legal, (888) 879-7578. If you’ve already tied the knot and realize that it’s in your best interest to sign a prenup, you can work with an attorney to create a postnuptial agreement. Postnuptial agreements work the same way as prenups, only they are drawn up post-marriage.
Have A Question on Marriage Documents? Call Our Florida Family Law Attorneys
There are a variety of things that can come up before and during marriage. We can advise on all aspects of family law and can help answer your questions. Our compassionate attorneys provide private consultations. For more information, contact us at Troy Legal, (888) 879-7578.
Troy Legal, P.A. was founded in 2009 and serves clients throughout South Florida. Troy Legal, P.A., specializes in Marital and Family Law, providing reputable legal services for prenuptial and co-habitation agreements, paternity cases, adoption matters, alimony and child support, time sharing and parenting plans, drafting of qualified domestic relations orders (qdros), mediation services, equitable distributions, collaborative law, post-judgement modification and enforcement, domestic violence cases, and dissolution of marriage or divorce. Troy Legal, P.is dedicated to serving clients through compassionate and aggressive representation, while upholding the highest degree of ethical standards.
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