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Prenuptial agreements require some planning

On Behalf of | Feb 7, 2014 | Prenuptial Agreements

Opinions regarding prenuptial agreements are likely to vary wildly among Texas residents that are about to be married. Some people might think that the very idea of suggesting a prenup to a future spouse could ruin the romance of a relationship. Others might refuse to get married without one. Also, some Texas residents may have misconceptions about what prenuptial agreements actually do. Whether you think you need one or not, it’s best to fully investigate how a prenup could be beneficial so that you’re not left wishing you had one if the marriage comes to an end.

First off, most people understand that a prenuptial agreement will act as a contract that outlines asset division in the event of a divorce. What people might not be aware of, however, is the fact that prenups also dictate how debts will be divided. If you and your future spouse own a business, a prenup might ensure that any debts accrued are divided fairly. A prenup cannot dictate child custody arrangements, however. Child support considerations will also not be included in a prenup.

While a younger couple that doesn’t have many assets may have less need for such an agreement, prenups should definitely be considered by older people that have an established estate. A person that has children and is entering their second marriage should consider how a prenup could be incorporated into an estate plan. Getting a prenup may seem unromantic, but the open, honest discussion that a prenup triggers could arguably strengthen a relationship.

One of the most important things to remember is that the process of a prenup could take longer than expected. Each spouse may need to get an attorney and obtain documents that can fully disclose all assets and debts. It’s best to look into prenuptial agreements as soon as possible in order to avoid rushing into an agreement that’s not ideal.

Source: Huffington Post, “Unpacking Prenuptial Agreements” Caroline Choi, Jan. 31, 2014