Prenuptial Agreement: What It Is, Who Needs It, What It Protects, When It’s Valid & More

prenup orlando attorneyAn article published in Attorney at Law Magazine quotes Rebecca Palmer, who discusses the benefits of a prenuptial agreement. Palmer says that a prenup sets out the precise manner in which martial assets will be divided in the event of a divorce. Taking such preemptive action before the wedding day can lower the financial and emotional strains that may occur if the marriage does eventually crumble.

“It is helpful to compare a prenup to an insurance policy for a catastrophic event,” Palmer said. “It protects both people in the partnership and any future children from the emotional and financial toll of a long, messy divorce.”

Legal counsel must be involved in creating and executing the document properly for it to be valid, and it must be signed long before the actual ceremony takes place. Both parties must voluntarily sign it.

Palmer further shares that many members of Gen Z and millennials are opting for prenups since they themselves are often the children of divorce. Furthermore, because they are getting married later in life, they have had time to build up their own personal assets before tying the knot—and which they would understandably wish to protect.

“A prenup is not an automatic term limit on your marriage; it is just there to provide guidelines if your relationship ends,” Palmer said. “Prenups are not just for the ultra-wealthy; people across the financial spectrum increasingly use prenups to prevent a long legal battle.”

Read the story in full; click here.