In the past, the idea of a prenuptial agreement may have felt a little taboo. However, today many couples choose to complete this document, especially when they are entering into a second or third marriage.
Florida law defines a prenup as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” It is designed to protect the property belonging to each party, as well as outline how each party would like the property disposed of should the marriage end in divorce or death. When it comes to blended families, there are additional benefits to having a prenuptial agreement in place.
Protecting children from previous marriages
When creating a blended family, both spouses likely want what is best for their biological children. In the case of a prenup, both spouses can outline where they would like their assets to go upon their death or the end of their marriage. If you would like your biological children to inherit specific assets, you can outline such in a prenup.
Protecting your spouse from your debts
When couples marry without a prenup, they may find themselves responsible for the poor financial decisions of their new partner. A prenuptial agreement can protect you from your spouse’s debts, and vice versa.
Blended families can feel like a challenge, especially when it comes to estate and financial planning. However, having a prenup in place can help simplify who is responsible for what and ensure that your children receive the inheritance that you want to leave to them.