debts you have) in the event of divorce or the death of a spouse. It often also covers spousal support or alimony and how property and any sentimental items will be divided. Beyond that, prenups may include other provisions to help govern the relationship like what happens if a partner is unfaithful or how household responsibilities are divided. WHEN SHOULD YOU CONSIDER ONE? If you think of prenups as being useful just for the wealthy or for celebrities, think again! A prenup is a good idea in many modern marriages including those where: • One partner has family wealth or assets they want to protect, or one partner has substantial debt • One or both partners own a business • Either partner has a child or children from a previous marriage • Either partner has been divorced before WHAT ELSE DO YOU NEED TO KNOW? It’s important that each partner hire their own lawyer to represent them when a couple draws up a prenuptial agreement. You’ll also want to f inalize the agreement at least 30 days before your wedding. That means, the sooner you and your partner start talking about it, the better. Though it can be stressful to decide what to include, an experienced lawyer like those at Florida Women’s Law Group can help ease that stress. Visit FloridaWomensLawGroup.com to learn more or contact us to talk about how we can support you as you consider a prenuptial agreement. Stay tuned to next month’s edition where we’ll address post-nuptial agreements.
You’ll find a lot of stereotypes and assumptions about prenuptial (prenup) agreements. They’re seen as unromantic or as a sign that the two parties don’t believe the relationship will last. In reality, prenups are a great way to create a strong foundation for your marriage; they bring up important financial topics many couples avoid because they can be uncomfortable to talk about. Since financial issues are the leading cause of divorce, addressing these issues prior to marriage is a good idea. WHAT IS A PRENUPTIAL AGREEMENT? It’s a legal document that outlines what happens to the marital assets (things you own like a house, car, retirement funds, etc.) and liabilities (any
Basic Estate Planning For College-Bound Young Adults
The kids are going back to school soon, and it may feel too soon, even rushed. Back-to-school season is a perfect excuse to slow down and take care of business, though. Once you get this stuff taken care of, you might feel a little better about summer ending and the kids heading off to new adventures. The f irst thing to consider is going to be helping any new adults in your household get on top of the “adult stuff ” that comes with turning 18. You might be thinking of setting up accounts for them to pay into retirement or savings, and that’s a good idea, but don’t forget to help them get an estate plan and a will in order, too. They may still be dependents who are on your health care plan, but when a person turns 18, they’re no longer a child, and having the legal documents in order is a part of that transition. Other legal considerations for kids on their way to college are medical care documents, such as do not resuscitate (DNR) orders and other health care directives. It’s a hard, sometimes scary talk to have, but
that’s part of being an adult, and your child will likely appreciate being treated as such.
For younger children, nothing is more important than f iguring out guardianship in case you end up incapacitated or otherwise unable to continue being their guardian. For teenage minors, make sure they’re included in these decisions. Would they prefer to live with an aunt or uncle, their grandparents, or maybe even an older sibling? Finally, make sure that the potential guardian is okay with the arrangement and understands their potential responsibilities. Send the kids back to school the right way, which is with the security in knowing their futures are planned for. It’s a great example to set as well as a massive weight off everybody’s shoulders. How often do you get to do that? Your attorney will know more and help you out with any questions you may have.
2 Florida Women’s Law Group | 904-549-6553
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