While most people in Texas and nationwide have read about the use of prenuptial agreements by athletes, movie stars and other celebrities, many don’t know much about the actual content of such agreements and their usefulness for non-celebrities. There a few basic things about prenuptial agreements that everyone should know, especially those contemplating getting married.
A prenuptial agreement, in the event of a subsequent divorce can make everything go quicker and easier, and modify the way in which assets are divided by agreeing on it in advance. As a result, it can often save both time and money.
Entering into a prenuptial agreement does not mean the two prospective spouses don’t love or trust each other. It simply means certain protections are in place for each of them in case things don’t work out. It is an opportunity for the new couple to look at their financial affairs together and make some decisions about them.
Prenuptial agreements can be beneficial even for a spouse with fewer assets who may have made accommodations such as relocating or quitting a job when entering the marriage. A prenuptial agreement can help make sure they are compensated for such sacrifices in the event the marriage breaks down. It can also provide protection for a husband or wife who financially supports their spouse through graduate or professional school, only to fail to reap the resulting rewards when the marriage ends after graduation.
A prenuptial agreement can also be very useful for those entering into a second or subsequent marriage who have children from a previous marriage. It can help to make sure those children are protected and adequately cared for in the event of a divorce.
A prenuptial agreement is not something the parties should attempt to draft on their own without a lawyer, as they may not understand all the language needed to make such an agreement enforceable and beneficial under Texas and federal law. An experienced family law attorney should be consulted.
Source: FoxBusiness.com, “9 Questions You’re Embarrassed to Ask About Prenups” Alden Wicker, Jul. 11, 2013