Compassionate Family Law And Divorce Guidance

The importance of honesty in prenuptial agreements

On Behalf of | Jun 7, 2018 | Family Law

The act of composing a Florida prenuptial agreement should be an open and honest process for both spouses-to-be, which includes making sure that the prenup lists whatever assets that are owned by the spouses. A CNBC piece recommends that spouses reveal on their prenups what they currently possess and what they may acquire if they know about it. Trouble can arise when one or both individuals do not list their assets accurately.

To take one scenario, a man about to marry a woman may decide to exaggerate his investments to make himself appear to be wealthier than he actually is in order to impressive his future wife. Should the pair divorce, the wife may be counting on a share of assets that turn out to be much smaller than the husband had revealed. Also, a spouse may attempt to conceal assets from the prenup. However, if those assets are not covered by a prenup, they could end up taken or divided with the other spouse.

In other instances, a spouse may have no intention of hiding or exaggerating assets but some assets may be overlooked. It is possible to make an investment in a piece of property or put away money in a portfolio and later forget about it. The spouse’s real estate investment may also have increased in value over time but this increase has not been discovered. It is easy to accidently ignore assets and if they are discovered during a divorce, they could be divided and redistributed to the other spouse.

Additionally, Forbes points out that a person that does not disclose assets or liabilities on a prenuptial agreement runs the risk of having the prenup invalidated. If a spouse does not list assets or tries to undervalue them, a court may rule that the agreement was made under false pretenses and throw it out, in which case all protections that the prenup would have offered to the spouse are now void.

While prenups can help Florida spouses avoid thorny issues in dividing their property during a divorce, prenuptial agreements are not invulnerable from challenge. An honest documentation and accounting of all assets is essential to establishing that the agreement was made honestly and fairly.



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