Prenuptial Agreements
Prenuptial Agreements
Understanding the Basics
The thought of entering into a prenuptial agreement with your soon to be spouse does not equate to romantic, however, it is one of the most responsible actions both parties can take. Not only is discussing the event of a split indirectly an exercise that strong couples can navigate, but it can provide peace to both parties that the "unknowns" are accounted for. It can also prevent either party from being completely blindsided in the event of dissolution.
For example, many of our clients find out for the first time that the increase in their 401k(s) from the date of marriage until the date of valuation is marital. There are also exceptions in which a court may set aside terms of a prenuptial agreement.
Entering into a prenuptial agreement does not mean that both parties must waive all entitlements either. It simply allows both parties the opportunity to rationally agree upon what happens during a divorce without the "heat of the moment" stress.
Some clients prefer agreements which only address a few specific accounts or entitlements, and leave the remainder to be decided at the time of the divorce if one occurs.
Florida Laws governing prenuptial agreements are complex. It is important to hire an attorney who not only listens to what both parties are agreeing to, but are experienced in the drafting of prenuptial agreements. Consult with one of our attorney's today.
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Equitable Distribution
Division of Marital Assets and Debts Made Easy
In Florida, the default rule is that both parties are entitled to or responsible for the the assets and debts 50/50. Property, both personal and real, obtained during the marriage is deemed marital. Examples of marital property subject to equitable distribution include:
- Real Estate purchased during the marriage
- Vehicles purchased during the marriage
- Retirement accounts
- Pensions
- Stocks
- Bank accounts
- Interspousal Gifts
- Credit Card Debt
Many people ask whether keeping as asset in their individual name shields them against a claim of entitlement from their spouse. The answer is a resounding NO!
The best way to protect your assets is through signing a prenuptial or postnuptial. Non-marital property is not subject to equitable distribution.
Examples of non-marital property include:
- Inheritance
- Property owned by one spouse prior to the marriage
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Spousal Support
Coming to a Fair Conclusion
Spousal Support or Alimony is contingent upon several factors including:
- Length of the marriage
- Need and ability to pay
- Parties disability status
Length of the Marriage - In Florida each marriage is categorized as a short (0-under seven years), moderate (seven - under seventeen years) or long-term (seventeen + years) marriage.
In some cases, a court will award a temporary alimony award to a spouse while the divorce is pending. The parties can stipulate to a temporary spousal support or a judge can order it, however, a court will usually require both parties to attend a mediation to attempt to resolve the issues first. Temporary alimony usually terminates upon entry of the final judgment of divorce.
Bridge-the-gap alimony is typically awarded in short to moderate term marriages and last for a maximum period of two years. The purpose of bridge-the-gap alimony is to help the receiving spouse “bridge the gap” from married to single life and all of the transitions which may take place inbetween.
Rehabilitative alimony is awarded when the receiving spouse is enrolling in an education or training program in order to establish a more secure means of employment. The receiving spouse must submit an educational or training plan including the projected costs and proof of enrollment. This type of alimony can be extinguished if the receiving party no longer participates in the proposed plan.
Durational alimony can be awarded for up to the length of the marriage. This is used to assist the spouse who makes substantially less than the payor and can be modified or terminated based on a substantial change in circumstances.
Permanent alimony is awarded in long-term marriages where one party makes a substantial amount more than the other. Exceptions exist where a party may receive an award of permanent alimony even if they were married for less than seventeen years. One is when the receiving spouse is disabled and their economic need is permanent. It is important to keep in mind that a judge awarding this type of alimony must provide the reasons as to why other forms of alimony were inappropriate in their order.
Florida has not designated one formula for spousal support like it has for child support. To further discuss Alimony inquiries and the possible calculations used, contact us.
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