By Phillip B. Rarick, Miami Asset Protection Attorney
Introduction
The Big Announcement: your daughter tells you she plans to marry Hank, a great guy. She is so excited – and in love! The last thing you want to do is discuss “practical issues”. But, at the right time, it will be important to discuss “practical issues” to help prevent future heartbreak – and hardship.
There are three legal points your daughter (or son) should know – and you should know and discuss with her (or him) before the big day.
3 Critical Legal Points
Legal Point #1. Homestead. Your daughter (or son) contributes all the down payment to buy a house and titles the house in her name thinking that this property is her property until it is titled in joint name with her new husband. This is incorrect: on the day of marriage the husband acquires a homestead right to the property; specifically, the husband has a life estate in the house regardless of how it is titled. The property cannot be sold without his signature.
Legal Point #2: 30% Elective Share. As soon as the wedding ceremony is finished, the husband has a 30% share in all the daughter’s estate. If the daughter dies, the husband has a right to 30% of virtually all assets owned by daughter – regardless if the marriage is 1 year old or 30 years old. See our article, Florida’s Sweeping Elective Share.
Legal Point #3: Prenuptial Agreements Do Work. There is a legal myth that prenuptial agreements are not enforceable in Florida. Nothing could be further from the truth: such agreements are valid and enforceable in Florida, and are becoming more common for first marriages. Of course, prenuptial agreements are generally considered essential for second marriages, especially if there are children from a first marriage. A properly drafted prenuptial agreement with adequate disclosure is a tested legal tool to protect assets that each person is bringing into the marriage.
Conclusion
Let’s agree that a prenuptial agreement is not a romantic concept. However, it is an excellent test of the maturity of the relationship. If both bride and groom have a good relationship they should be able to talk about everything – including what property each owns. Such open relationships have a far better chance of success.
And, while the pre-nup may not be a romantic idea, it may be the best way to help protect your daughter or son from future heartache – and hardship.
We welcome your comments or questions. Contact attorney Phil Rarick, Miami asset protection attorney, at (305) 556-5209.
Special Note
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami asset protection attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.