Are you remarrying and planning a prenuptial agreement to ensure your estate plan remains the same? Did you know that you may have certain duties to disclose financial information if you enter into an agreement after the marriage? The Florida Supreme Court just came out with a new opinion yesterday regarding marital agreements. Do you know how these can change your probate rights and elective share rights?
Prenuptial and Ante nuptial Agreements
- “Pre-nups” are becoming more and more common but few people realize you do not have to enter into such an agreement before the wedding.
- Ante nuptial agreements may be signed after the wedding as well.
- It matters when you sign because you have different disclosure obligations to your soon to be (or present) spouse.
- For example if you want your spouse to waive their rights in probate including their right to an elective share then you will have to disclose relevant financials once you are married.
- That is not the case if they waive these rights in West Palm Beach before the wedding.
- What rights are they giving up?
Elective Share Rights in West Palm Beach
- Few people realize how hard it is to actually disinherit a spouse in West Palm Beach.
- Merely leaving nothing in the will or leaving it all in trusts for other people may not be enough.
- Pursuant to Florida Statute your spouse has a right to elect a 30% share in yourelective estate.
- Not only that the elective estate can be much larger than the probate estate.
- Do you know why?
- So if you want to ensure that your estate stays with your kids or other family and friends a well drafted marital agreement is key.
- Florida Courts are constantly attempting to determine whether or not said agreements are valid.
- In fact one such contract just made it to the Supreme Court of Florida, check it out.
Hahamovitch v. Hahamovitch
- This was an interesting case brought to the Florida Supreme Court by way of the Fourth District Court of Appeal.
- The issue was whether a contract that essentially kept both parties’ property separate throughout the marriage was valid.
- In essence for property purposes it was like the marriage did not exist and there were issues where one spouse helped the other to acquire property and under the terms of the agreement that spouse would be entitled to no share.
- Think about that for a second — what if you helped your husband buy a multi million dollar home in West Palm Beach and now you have no rights!
Want to learn more?
Check out the entire case by clicking here.