Prenuptial agreements are a valuable tool for helping couples designate before they get married which assets will remain theirs if they divorce. This can be particularly helpful in a community property state like Texas.
Many young adults don't even realize that just a few decades ago, prenuptial agreements were primarily associated only with the rich and famous. Movie stars and titans of industry got them to protect their considerable assets from spouses who may want to continue living a lavish lifestyle after the marriage ended.
Many people meet their future spouses in college or graduate school. If they decide to marry while they're still completing their education or soon after graduation, they may see no need for a prenuptial agreement. They likely have few assets and may be deeply mired in student loan debt. How can they put themselves in a mindset where they're thinking about who will get which homes, boats, artwork, bank accounts and all the other things they don't have (and perhaps never will) if the marriage ends?
If you own shares of Amazon stock or are of one the thousands of Texans who work for Amazon, you likely heard the news of Jeff Bezos' split from his wife of 25 years, MacKenzie, with at least some amount of concern. It's too soon to know, however, what impact the couple's impending divorce will have on the empire he's built.
If you and your spouse-to-be are bringing a four-legged companion into the marriage, or if you intend to adopt pets as a couple, you may want to consider including them in your prenuptial agreement. Increasingly, couples are putting pet provisions in their prenups.
Singer Natalie Maines' break-up from her husband, actor Adrian Pasdar, continues to get media attention. The Lubbock native, who's best known as the outspoken lead singer of the Dixie Chicks, drew up a prenuptial agreement with Pasdar back in 2000 before the two married.
Prenuptial agreements can address a multitude of issues beyond the division of assets when a couple divorces.
Whenever a couple decides to get married, it is wise for them to at least consider a prenuptial agreement. Although some couples may have negative feelings towards these agreements, they are typically well worth the time and effort to create them. Not only does a prenuptial agreement, or prenup, protect both spouses from an unnecessarily complicated and destructive divorce if the marriage fails, it can also help couples deal with difficult issues before they become problems that threaten the marriage.
Prenuptial agreements are a great way to establish expectations and responsibilities in a marriage and to keep certain property separate, simplifying matters if a marriage does not last. Unfortunately, enjoying the protections that a prenuptial agreement offers usually means locking in the terms of the agreement before the marriage even begins, which can prove difficult to navigate.
A prenuptial agreement is something every couple should consider as they approach their wedding day. A carefully worded prenup can offer a great deal of relief to spouses who use it correctly, protecting one from the other's debts or outlining each person's expectations within the marriage. However, some prenups include terms that the law does not support or does not allow -- such as terms surrounding child custody.