Premarital agreements may appear to remove the romance from marriages before they ever get started. However, this does not have to happen. Rather than pitting two soon-to-be spouses against each other, a premarital agreement — also known as a prenuptial agreement — can actually be a useful financial planning tool for when the family law proceeding of divorce in Texas is inevitable.
When the words premarital agreement come up, a common misconception is that a wealthier future spouse is making a one-sided deal with his or her not-so-wealthy spouse. In reality, a prenuptial agreement is an agreement that simply defines the obligations and rights of those getting married. With a prenuptial agreement, protecting assets is possible long term.
This type of agreement provides details on the liabilities and assets of both spouses before the marriage happens. It also details both parties’ rights as well as obligations regarding one another’s earned income during their marriage. Providing each other with a reasonable and fair disclosure of their financial obligations and property is critical for ensuring that a prenuptial agreement is enforceable.
The terms of premarital agreements can be diverse and broad, so knowing where to start when creating one can be overwhelming. An attorney in Texas can help with drafting a prenuptial agreement that best reflects a couple’s needs and wishes regarding what happens to assets in the event of the family law proceeding of divorce. The agreement can also address matters such as who will pay spousal support in the future if a marital split-up takes place.
Source: dmagazine.com, “Yours, Mine, & Ours“, May 12, 2017