Marital agreements are designed to protect the rights of one or both parties involved, may address general issues or be very specific as to the content, stipulations, and what may constitute a breach of the marital agreement.
The most common types of marital agreements are:
- Marital settlement agreements: A post-marital agreement is a legal contract that is created and signed after a marriage . It is also called a marital settlement agreement or property settlement agreement. Generally, marital agreements provide circumstances for payment of support, division of property and debts, child custody, child support, parenting plans, visitation, and/or timesharing.
- Marital separation agreements: Marital separation agreements are written contracts between a husband and wife entering into the divorce process. Marital separation agreements can be drawn up when a couple first decides to split up or during official divorce proceedings. Marital separation agreements are often called property settlement agreements. This is because marital separation agreements are contracts which specify how property is to be divided, how alimony and/or custody will be paid (when applicable) and to spell out other legal rights during the dissolution of marriage.
- Marital property agreements: Associated with the equitable distribution of property and assets, a marital property agreement documents a mutual agreement terms distribution of specific property and assets. The marital property agreement usually acknowledges a fair, but not necessarily equal, division of marital property. In Florida, marital property is defined as assets, income or property acquired during the marriage.
- Premarital agreements: A pre-marital agreement is a legal contract that is created and signed before the marriage. The purpose of a pre-marital agreement is to prevent any problems or disputes over property and support that could occur in the future or upon divorce. Pre-marital agreements may be especially important for those people who have accumulated substantial assets prior to marrying or who have children from a prior relationship.
- Prenuptial agreements: A prenuptial agreement is a document that is utilized by one of the individual’s entering into a marriage to protect their property and assets in the event that the marriage ends in divorce. A prenuptial agreement lists all of your individual assets and property which will not be considered marital property once you are married. Since they are not considered marital property, they cannot be divided by the equitable distribution laws that govern the distribution of property upon divorce.
Marital assets include those both assets and debts acquired since the date of the marriage. They can be tangible, like real estate or automobiles, or intangible financial assets such as bank accounts, retirement assets, 401Ks, 403Bs, IRAs, and pension funds.
Marital property may include any items of financial value, as well as items of little financial worth but are of sentimental value.
Under certain circumstances, property and assets brought into the marriage may be included in the process of division of marital property if the specific items were shared by both spouses during the course of a marriage.
The division of marital property can be a very complex process which may be best served by the legal assistance and guidance of experienced legal counsel.
When it comes to your divorce or other family law legal needs, the Law Office of Andrew G. Storie has the experience and resources to effectively guide you through the legal process. We understand that divorce and family law cases can be intensely personal in nature, and require the highest standard of legal representation to aggressively pursue your family law goals, while handling these cases with the utmost discretion.