There was a time when people heard the term “pre-nuptial agreement” and immediately conjured images of jet setters, rock stars and Hollywood types. It is true that pre-nuptial agreements can protect people who enter into marriages with a great deal of personal wealth, but is this really a bad thing?
Many people have difficulty relating to the way someone of means may see a pre-nuptial agreement, so allow yourself to conduct a thought experiment. Suppose you hit some kind of mega-lotto and you won $100 million. Let’s say you were divorced at the time and had two children from your former marriage.
If you were to fall in love with someone who had no financial resources and start to contemplate marriage, would the fact that you would be essentially giving this person co-ownership of $100 million cross your mind? Would you consider the fact that almost half of all marriages end in divorce? Would you ask yourself if this it is fair to your children to enter into this marriage without setting aside at least some of this wealth for their benefit? When you look at it from this perspective you can see why some people enter into pre-nuptial agreements. And for the record, you could replace that $100 million figure with a much lower number and still get the idea.
Post nuptial agreements are not as commonly discussed as pre-nups, but they can serve very useful purposes as well. A post nuptial agreement is simply a private contract that is entered into by a married couple to delineate the personal property of each individual. These can be useful in cases when the parties would like some personal financial independence while they remain married. They can also be executed to define the respective personal property of each spouse in cases of separation.
For legal advice about pre-nuptial and post nuptial agreements, contact a Tampa FL family attorney to arrange for a free consultation.