PREMARITAL AGREEMENTS
You may be one of those people who are fascinated by the rich and famous. When royalty announces an engagement, the press may inquire aloud whether the couple will sign a prenuptial agreement. When a celebrity marriage breaks up, the first questions often concern the existence and validity of a prenup.
However, prenuptial agreements are not exclusively for actors and princesses. You may be surprised to learn that many ordinary people find such contracts a comforting and stabilizing factor in their relationships. If you are considering getting married, there may be numerous reasons why a prenuptial agreement may benefit you.
A prenup is not always what you think
Perhaps you do not have many complex assets or a complicated financial history. This may be your first marriage, and you and your spouse are beginning on a new adventure together. A prenuptial agreement can help you clarify the financial aspects of your marriage by agreeing to expectations for earning, saving and spending your money.
You may also use the contract to control other behaviors. For example, if you decide that one of you will leave the work force while the children are small, the prenup can provide financial security for that spouse. Planning for the unthinkable is always commendable, so many couples include a clause that disqualifies an unfaithful spouse from receiving any of the other's assets.
What factors may prompt the drafting of a prenup?
The most common concept people have about prenuptial agreements is that it decides ahead of time who gets what in case of divorce. This simplifies the process, but a premarital contract can help you to keep your assets separate from your spouse. This may be especially helpful if you have children from a previous relationship or if you have considerably more wealth than your spouse. Other reasons why you may consider a prenup include the following:
Protecting yourself from liability for your spouse's debt
Keeping any inherited property separate from marital assets
Protecting your business in case of a lawsuit against your spouse or property division during divorce
The division of your assets may be the driving force behind your prenuptial agreement, but some Texas couples find it a positive step to take while the relationship is new and you still trust one another. Making decisions about who gets what may leave you both with a more positive future if you agree upon these choices while you still care about each other's well-being.