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Should you have a prenuptial agreement if you aren't wealthy?

Engagement is an exciting time, and you may be excitedly looking forward to the future. Before you walk down the aisle, however, you may want to think about ways you can protect your future. This includes even thinking about what will happen if you someday file for divorce, even if that seems unlikely or unromantic during this time. 

Thinking about divorce is not pleasant, but it may be prudent to do so. No one enters a marriage assuming that it will end in divorce, but the reality is that many marriages do end, and it's smart to know ahead of time that your financial interests are secure. You can do this by drafting a prenuptial agreement. This is not something that is only necessary for the wealthy, but it can be a smart step for couples of all income levels.

Benefits of a prenup

Even if you do not consider yourself wealthy, there are still many reasons why you may want to consider a prenuptial agreement before you walk down the aisle. Some of the benefits to this include: 

  • It allows you to clearly establish and protect separate property.
  • You can outline financial responsibilities of each spouse during the marriage.
  • It allows you to outline how you want property division to work in case of a divorce.

One of the main benefits of having this type of agreement in place is that it will allow you to have peace of mind regarding your future financial interests, no matter what lies ahead for you and your spouse.

Drawbacks of a prenup 

There are some specific reasons why Texas readers often avoid drafting these agreements. Depending on the nature of your individual situation, the following drawbacks of a prenuptial agreement: 

  • It can limit your inheritance rights in case your spouse dies, or it limits your claim to certain business assets in case of a divorce.
  • It can be difficult to talk about the subject of divorce, and it can lead to complicated money-related conversations.
  • It does not allow you to go ahead and outline child support and custody. You may still have to go to court over these things. 

Whether you think a prenup is not necessary for your situation or you believe it's in your interests to draft one before exchanging vows, it may be helpful to first start by seeking an explanation of what this type of agreement can do for you.

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