By Robin Roshkind, Esquire, West Palm Beach, Florida
A prenuptial agreement is an agreement between a future bride and groom as to how they are going to live under the marriage, how they are going to split assets, debts, income, and bills during the marriage, and what happens if the marriage should fail by divorce or break by death in sickness.
Normally, it is the party who has the wealth or higher income who needs the prenuptial agreement most for the obvious protections. It is this person who hires an attorney to draft his or her wish list as a starting point to the negotiations. However, the other party also needs advice of counsel to determine the prenup’s validity, disclosure of finances are accurate, and enforceability.
So where two lawyers are involved, they can each pay their own attorney, or the person with the most assets or income gives the fees to the other for payment to his or her attorney. Pre nuptial agreements are very technical, and while you can pull a template off the internet, when dealing with large amounts of assets and existing debts, it might be penny wise and pound foolish to do this yourself. It is a binding and life effecting document. It should not be amateur hour in its preparation.
Because prenuptial agreements are so far reaching, expect to pay a lawyer at least a $5000 retainer to draft or review one. They normally run 35 pages or more if done properly. For more information about this or other family law topics, call one of the lawyers at ROBIN ROSHKIND, P.A. at 561-835-9091 or click on the Firm’s web site at www.familylawwpb.com.