With many Texas couples making plans for Valentine's Day weddings right about now, we thought this would be a good time to discuss prenuptial agreements. While not the most romantic of wedding preparations, a prenup can help a couple codify just what assets and debts will remain individual and which ones will be considered marital property.
There are a number of reasons why Texans make the mistake of not getting a prenuptial agreement. Some consider it akin to planning for failure. Many don't think that they have enough money or other assets to need one. Others don't feel comfortable having the serious discussion of finances that drafting a prenuptial agreement entails.
A prenuptial agreement can be a vital tool in protecting your personal assets, your business and your future financial well-being if you and your spouse divorce. However, not all prenups are created equal.
Drafting a prenuptial agreement is an essential item on many Texans' pre-wedding to-do lists. When one of the betrothed has significantly more assets than the other, or both are bringing their own wealth into their marriage, a prenuptial agreement is particularly crucial to protecting people's assets and lifestyles in the event of a divorce.
Many couples agree that having the open conversation about finances that is necessary when drawing up a prenuptial agreement can strengthen their relationship and avoid conflict later. Others still are loath to get a prenup because it means addressing the possibility that the marriage may not last. The decision about a prenuptial agreement is one that each couple has to make for themselves. However, before you rule it out, it's wise to consider the pros and cons.
Many Texans think of prenuptial agreements as documents that only wealthy oil magnates, football stars and country singers draw up to protect their significant assets in the event of divorce -- particularly if they marry someone with far less money than they have. However, prenups are about far more than assets.
Recently we have discussed the role of social media in marriage and divorce. Significant time spent on social media by married people, as we noted, has been shown to correlate to divorce rates. Further, during divorce, social media can cause trouble if one partner posts items that can be used against him or her. Social media has become such an integral part of most of our lives that couples are increasingly including social media clauses in prenuptial agreements.
When people are in love, they rarely think of drafting a prenuptial agreement. There is this sense that it is like saying that your love might not be real, that it might not last. Asking your prospective spouse if he or she wants to sign a prenup may get you an angry glare or worse. After all, this is hardly a romantic gesture at what is supposed to be the happiest time in your life.
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.
When a couple in Texas is in love and just about to get married, often the very thought of the possibility of the marriage ending at some time in the future might seem like heresy. The stark reality, however, is that about half of all marriages do end in divorce. Additionally, even those that don't, do end at some point because of death. Given those two facts, a reasonable and prudent thing to do is to have a prenuptial agreement.