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Don't be blind to the benefits of a prenuptial agreement

Love may be blind, but Florida residents and their partners do not have to be when it comes to financial matters. Even as they plan to spend the rest of their lives with their soon-to-be spouses, it would not hurt to also plan for what may happen if the marriage ends. Many people hesitate to broach the subject of a prenuptial agreement believing that it "kills the romance" or "tempts fate," but in reality, it may actually be the responsible thing to do.

Couples consider prenups for a variety of reasons, but some reasons elevate the need for one from an option to a requirement. If one or both parties have children from prior relationships, having a prenup can give everyone involved peace of mind that they will be taken care of in the event of the death of their parent. If one spouse has significantly more assets, income or debt than the other, keeping those items separate in the event of a divorce would be wise.

If a couple makes an agreement that one parent will stay home with the children, a prenuptial agreement can outline what the stay-at-home parent will receive in exchange for leaving the workforce for what could be a significant amount of years. Finally, many couples -- especially before marriage -- are uncomfortable talking about money and finances. Since full disclosure is required as part of the process, those issues are brought out into the open, and each party understands how the other views the subject.

Florida couples considering a prenuptial agreement should know that these contracts must conform to current state laws. In order to ensure that the agreement will be upheld in the event of a divorce, it would be a good idea to involve an attorney in the negotiation, drafting and execution of the agreement. Each party should have a separate attorney to be sure that individual rights are addressed and protected in the prenup.

Source: poconorecord.com, "Prenup conversation worthwhile", Lois Heckman, May 6, 2017

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