Recently engaged Texas couples may find themselves excited about the possibility of planning a wedding, going on a honeymoon and preparing for their lives together. During this period of planning and looking ahead, it’s smart not to overlook the need for a prenuptial agreement. Despite the many benefits that this type of legal protection can provide, couples often don’t want one or don’t think they really need one.
Prenuptial agreements are contracts that outline how property division will work in case of a divorce, and address certain financial matters that will come up during the marriage. You may think that it seems unromantic to talk about divorce before you’ve even made it down the aisle, or that you could be jinxing your marriage, but that is not true. Thinking and planning ahead is smart and practical — for both you and your soon-to-be spouse.
Why a prenup?
When you think about a prenup, you probably think about the rich and famous people who have millions of dollars on the line in a divorce. You don’t have to have millions in your bank account, a high salary or valuable assets to benefit from a prenup. It may surprise you to learn about the benefits of this type of agreement, which include the following:
- It can allow you to set financial boundaries within your marriage and outline the responsibilities of each spouse.
- It can help you establish separate property, which is property not eligible for division in a divorce.
- You can address debt as well, meaning that neither spouse will leave the marriage with an unfair or unmanageable burden.
These are only a few of the benefits that a prenuptial agreement can provide for you and the other party. In addition to the financial and legal benefits you can gain from drafting this contract, you may also find that you have increased confidence regarding your financial future.
Even with a prenuptial agreement, disputes and disagreements can happen during a divorce. This is why it is in your interests to ensure that your agreement is enforceable, strong and worded properly. Working with an experienced attorney during the process of drafting your agreement can help you avoid problems and include the terms that you need for your individual situation.
An assessment of your case can allow you to see what specific things you may need in your prenup and how you can draft an agreement that suits your needs while being fair and reasonable.