POSTNUPTIAL AGREEMENTS

Whether to have prepared or to sign a postnuptial agreement is both a financial and emotional decision.  In Florida, prenuptial agreements (sometimes referred to as premarital agreements) are governed by Section 61.079, Florida Statutes.  However, postnuptial agreements (meaning agreements entered into by spouses after marriage) are not governed by a particular statute.  The principles that apply to postnuptial agreements are similar to those that apply for prenuptial agreements.  

Marriage is as much a financial contract as it is an emotional or religious undertaking.  Marriage does have financial consequences should the marriage end in divorce.  Under Florida law, there is a presumption that assets or liabilities created during the marriage are marital regardless of the spouse's name associated with the asset or liability.  Further, it is presumed, absent reasons to the contrary, that marital assets and liabilities should be divided equally between the parties.  For example, a bank account that is funded by a spouse's employment earnings during the marriage is presumed to be marital property that should be equally divided between the parties.  Another common example are retirement accounts that are funded during the marriage with a spousal employment earnings during the marriage are marital assets to the extent so funded.  Likewise, a student loan incurred by a spouse during the marriage is considered a marital liability that should presumably be divided equally between the parties.  Marriage and a subsequent divorce also creates the posibility that one spouse may be ordered to pay the other spouse alimony/spousal support.

A postnuptial agreement is a contract entered into by a couple after marriage.  Such an agreement can specify what property already in the possession of the spouses is marital or nonmarital should the couple go through a subsequent divorce.  A postnuptial agreement can also specify how property acquired by the spouses in the future will be treated both during the marriage and in the event of a divorce.  A postnuptial agreement can also specify whether alimony will or will not be allowed should the marriage end in divorce and, if alimony is allowed pursuant to the postnuptial agreement, under what circumstances and to what extent.

Prenuptial agreements must be entered into by the parties knowing, freely and voluntarily.  To enter into a prenuptial agreement knowingly, each party must fully understand the terms of the agreement and must have an accurate understanding of the other prospective spouse's financial situation.  Further, there can be no coercion in getting a prospective spouse to sign the agreement.

Orlando family law attorney David A. Faulkner prepares and reviews postnuptial agreements for clients.  It is important that a postnuptial agreement be prepared by an experienced attorney because the agreement must stand the test of time.  There are a great many variables that must be taken into consideration.  It is best not to sign such an agreement without having an attorney review and explain the consequences of the agreement.  Having a family law lawyer prepare and/or review a postnuptial agreement increases the likelihood that the agreement will be valid should the marriage end in divorce.

If you need a postnuptial agreement prepared or reviewed, contact Orlando family law attorney David A. Faulkner today.  Attorney Faulkner will be able to prepare or review your postnuptial agreement so that you can fully understand the agreement's consequences.