Preparing to marry is an exciting time for a Texas couple. There are exciting things to look forward to, such as the wedding, honeymoon and starting their life together. These are wonderful things, but they are not the only way a couple should prepare for the future. They may also want to consider the benefits of drafting a prenuptial agreement.
This is a marital contract that outlines what will happen in case of a divorce in the future. While no one gets married assuming the relationship will end at some point, a prenup does offer some type of protections for both parties. There are many misconceptions about prenups, and these often keep people from drafting a contract that would provide both of them with peace of mind for the future.
What do you think about prenups?
Like many others, you may assume that a prenup is something reserved only for the rich and famous. In reality, these agreements are prudent for couples of all income levels. You don’t have to be wealthy to benefit from this type of protection. It reduces the chance of conflict and litigation over marital property in case of a divorce.
Another common misconception is that a prenup means the couple is planning to divorce at some point in the future. Drafting this agreement does not mean you are planning for your marriage to fail. It simply means you want to plan for contingencies. In fact, drafting this agreement can help you and your soon-to-be-spouse have important conversations about money and how you will handle finances during your marriage. It can open the door to healthy money-related conversations.
Is it for you?
This type of agreement proves beneficial in most situations. It can help you reduce the chance of conflict, provide peace of mind and address complex scenarios, such as what will happen to an inheritance you received if you divorce. However, a prenup may not be necessary for two people who are situated rather equally in their finances and do not expect to receive an inheritance at some point in the future.
If you are planning to marry, you may want to discuss your need for future financial protection with an experienced family law attorney. An assessment of your case can help you understand how a prenup can be beneficial and what you need to include in yours to ensure that it is valid and enforceable.