While planning the details of a prenuptial agreement can certainly take the romance out of planning an upcoming wedding, an increasing number of Texas couples are considering it to avoid costly divorce proceedings in the future. A prenuptial agreement is used to decide how assets will be divided should the marriage fail. While it is common for wealthy couples to have a prenup in place, even couples of average income can benefit from drafting one before getting married.
Many individuals are deciding to marry later in life after they may have established assets. Finance professionals advise that individuals consider his or her net worth before getting married. This is especially important if one or both have a net worth over $100,000. Prenups are also useful when one member of the union has keepsakes or family heirlooms that he or she does not want to risk losing during a divorce. These details can all be discussed and agreed to before the marriage takes place.
If a prenuptial agreement makes sense to those planning a wedding, it is best to start the process early. It can take up to three months to gather all the financial information necessary to complete the details of the prenuptial agreement.
In some situations, couples may opt for a post-nuptial agreement. This usually happens after an event imperils the marriage and the couple decides to separate. A post-nuptial agreement comes into play if the couple decides not to get a divorce at the time and allows the couple to get their financial affairs in order should the marriage ultimately not work out.
Both individuals contemplating a prenup should consider finding their own legal representation. Working with a skilled family law attorney can help each party ensure that each of their assets are protected in the event of a divorce.
Source: Fox Business, “Why You Should Consider a Prenup,” Andrea Murad, Feb. 4, 2013