Although the outlook at the start of a marriage may be positive, a parting of ways later on can become heated and frustrating. By working to establish plans for such a scenario through a prenuptial agreement, you may head off some of the biggest battles of a divorce if the need to dissolve your marriage arises. A thorough evaluation of your current financial standing and assets is the first step to developing a solid prenuptial agreement.
The purpose of a prenuptial agreement is to protect one's personal assets. This is applicable to both parties, making it important to consider working with your own legal counsel to ensure that your interests are protected prior to signing. Such an agreement can help in determining what current assets will be considered separate or community property if a divorce occurs. Additionally, it can protect your separate property that has been acquired prior to marriage.
A prenuptial agreement is not valid unless it meets certain conditions. For example, both parties must have the chance to discuss the agreement with their lawyers. Additionally, each party is required to fully disclose both debts and assets. Although marital assets are often the focus of prenuptial agreements and divorce settlements, debts can be just as serious if they are incurred prior to marriage but treated as joint debts in a divorce. Meeting independently with your lawyer is important so that you can review all areas that should be addressed as you consider implementing a prenuptial agreement.
You may wonder whether a prenuptial agreement is actually necessary in your case. You might also be concerned if you feel that you are being pushed into an agreement without sufficient time to review it. You can visit our premarital assets page for more information.
Source: The Law Office of Zoe Meigs, P.C., "Fort Worth Prenuptial Agreements Lawyer", November 06, 2014