Author: Apfelbaum Martinez Law

You never expect to go through a divorce when you are walking down the aisle and it can be an emotionally, mentally, and financially tumultuous time for you and your family.

There are several ways to legally protect your assets and finances, as well as prepare for a clean-cut end to a marriage.

Though alimony was introduced to the legal system when it was not common for both spouses to earn income, it is still commonly awarded to spouses who fit the criteria established by Florida law. Given the right circumstances, alimony amounts and terms are subject to change.

Understanding Alimony Obligations

Each family functions differently. Perhaps one spouse has chosen to leave the workforce and take care of the children, while the other works to financially support the family.

There are many  scenarios, but if the spouses decide to part ways and there is unequal earning power over a substantial period, then alimony may be negotiated or awarded.

Alimony is court-ordered payments to a former spouse.. Like most aspects of divorce, it can be more complex than it sounds.

For example, in Florida, there are five different types of alimony:

• Temporary
• Bridge-the-gap
• Rehabilitative
• Durational
• Permanent

The terms of each type are negotiable and, if spouses are unable to find common ground and agree to the others proposed terms, a judge will have to intervene and decide for them.

The methods of payment are another variable in an alimony agreement. It can be paid in a lump sum, transfer of property, or as periodic monthly payments.

What Factors Affect Alimony?

If a spouse is awarded alimony in the form of a lump-sum payment or property transfer, then future modifications are highly unlikely.

However, the end-date for periodic or ongoing payments are generally determined by the judge and can typically be when one of the following occurs:

• The spouse receiving support remarries
• The spouse receiving support cohabitates
• Either spouse passes away
• The spouse receiving support gets a high-paying job, retires, etc.

Do Income Changes Affect Alimony?

One of the more common questions regarding modifications to an alimony agreement is whether or not income changes will affect it.

For example, an escalator clause in your support agreement can base the amount of support given to the other spouse on a percentage of your income, or other agreed upon factor(s).

Another scenario where income can affect alimony is if the supported spouse sees an increase in their income. If that is the case, the spouse paying support could request a decrease in the amount they are paying, and vice versa.

Several other factors affect alimony, including a Cost-of-Living Adjustment (COLA) clause, disability, new obligations, etc.

If you need the services of experienced divorce lawyers in Florida or have any questions about any legal matter, our team at Apfelbaum Law are ready and able to assist you.

Please contact us today for a consultation on planning for a new chapter of your life, in the most efficient and least traumatic way possible for you and your loved ones.

Having the hard talk about prenuptial and postnuptial agreements isn’t the easiest conversation to have, but it just might be a necessary one.

Both of these agreements are designed to protect spouses in the event that their happily ever after comes to an end. Marriage is a big commitment and unfortunately the unexpected sometimes happens and both parties may decide to end their marriage. Having a prenuptial or postnuptial agreement in place helps to ensure your assets are protected.

Prenuptial vs. Postnuptial Agreements

A prenuptial agreement is drafted and signed prior to saying “I do” in an effort to clarify and specify each spouse’s separate property and liabilities, if the marriage ends.

While there is a common misconception that prenuptial agreements are only used by wealthy individuals, this could not be any further from the truth. Prenups can be beneficial to nearly everyone who is getting married. Although it is everyone’s hope that the agreement is never needed, even the exercise of having deep conversations about both parties’ finances and expectations for handling finances during the marriage is always helpful prior to marriage.

On the other hand, postnuptial agreements are entered into after the marriage has taken place and are often used in situations where a couple’s life circumstances may have changed somewhat from when they were initially married. For example, some couples choose to enter into a postnuptial agreement to protect their interest in a business, or clarify what will happen with a spouse’s anticipated inheritance, or may wish to utilize a post-nuptial agreement to facilitate their estate planning.

The concept of having a postnuptial agreement has been growing in popularity over the past few decades. It serves as a means to outline the division of money and property in the event of a divorce or the death of either spouse. Like prenuptial agreements, having one does not mean that the spouses anticipate filing for divorce, rather that they are focused on protecting their assets.

How Prenuptial & Postnuptial Agreements Help Protect Your Assets

Here is are three ways that filing a prenuptial or postnuptial agreement can help you protect your assets in the event of a divorce.

#1 Protect pre-marital property

Some newlyweds or soon-to-be spouses have children from previous marriages. When you create a prenuptial or postnuptial agreement, you are protecting not only your properties, but your children’s rightful property inheritance, too. These types of agreements help ensure that you can pass separate property to your children from any previous marriage without it getting tangled up by your new spouse or children.

#2 Protect separate assets

It is also important to protect separate assets that may be unrelated to the upcoming or current marriage. One example of this would be property that one party may have earned themselves or inherited prior to marriage. Another example would be a business owned by either spouse prior to the marriage or created by one spouse during the marriage. This is becoming more and more common to include in prenuptial and postnuptial agreements, as many people are now choosing to start their own businesses.

#3 Avoid conflict down the road

Filing for a divorce is not typically anticipated when getting married and can be an emotionally volatile situation. By having a prenuptial or postnuptial agreement, you can help minimize the headaches and arguments that usually arise in the event of a divorce.

Not Sure if You Should Have a Prenuptial or Postnuptial Agreement?

Prenuptial and postnuptial agreements may be an emotionally difficult step to take, but proactively protecting your assets now can help resolve any unforeseen conflicts down the road. These legally binding documents help clarify everything from financial obligations and property allocations.

It’s common for one partner or spouse to have more earning potential, and it’s hard to predict how either of your financial situations will change in the future. A spouse who gives up any rights in the agreement should have ample time to review the agreement with an attorney. If you need assistance with your prenuptial or postnuptial agreement, or have questions about any potential legal matter, please contact Apfelbaum Law for a consultation.