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Agreements like this are also frequently referred to as ‘premarital agreements’, ‘antenuptial agreements’, or simply ‘prenup’ – all of which are binding prenuptial agreements entered into prior to the marriage.
These are important agreements that require careful thought and should be drawn up with the assistance of an experienced family law attorney. One can avoid extensive court battles if the agreement is drawn up properly, covering all necessary court requirements and clearly stating what the agreement will ensure.
Generally, these prenuptial agreements apply to economic issues that can arise during a dissolution of marriage proceeding, such as dividing property (equitable distribution) or paying spousal support (alimony). Although some might call this ‘predicting failure’ or suggest that such an agreement is pessimistic, it provides a sense of certainty and comfort in an otherwise uncertain world.
At its core, such an agreement is a contract between the prospective couple. Case law in Florida holds that prenuptial agreements be in writing and signed by each individual to be valid. And the couple must get married, as the contract only takes effect upon the marriage taking place. Further, it must include provisions that are substantively fair for the party attempting to challenge the agreement. Alternatively, the other party must make a full financial disclosure at the time the agreement is executed.
Equally important, the agreement must be fully voluntary. If a party is subjected to duress or coercion, or if a party does not fully understand the terms, the agreement may be rendered void. A court will consider a lack of independent counsel, the sophistication of parties in terms of their relative business and economic savvy, any time pressures or constraints imposed, and the parties’ knowledge of rights being waived (such as court-ordered remedies) when determining if an agreement was truly voluntary.
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