There are two schools of thought when it comes to the subject of prenuptial agreements. Some people consider such an agreement as the killer of romance, while others appreciate the importance of being proactive in dealing with potential issues related to the financial side of a marriage. The number of Texas couples opting to sign a prenuptial agreement is growing as they recognize the positive effect honest financial discussions can have on a marriage.
The object of a prenuptial agreement is to provide financial security — along with peace of mind — to both spouses. It has no bearing on the length of time the marriage will last but protects both parties in the unfortunate event of a divorce. The financial expectations of each spouse, along with how finances will be handled during the marriage may be detailed in the contract. Many modern couples come into a marriage with assets already accumulated, and those — along with any business interests — can be protected in a prenuptial agreement.
It is not uncommon for children from an earlier marriage to be brought into a new union, and a prenuptial agreement can protect their financial welfare. In addition, inheritances and family ties that are addressed in the agreement will not be threatened. A prenuptial agreement could also contain instructions for assets intended for family members or children when a spouse passes away. Although nobody wants to consider the possibility of divorce in the future, having a prenuptial agreement in place may avoid unpleasant and expensive litigation should one occur.
However, if all assets are not disclosed and/or unfairness, fraud or duress is evident, a court may set aside a prenuptial agreement. Accordingly, it is important to follow the correct legal procedures in drawing up a prenuptial agreement. Another requirement is for each spouse to have legal representation when the agreement is signed. Texas couples may benefit from having timely discussions about these issues, and a visit to the prenuptial agreement page on our website may provide guidance concerning how to proceed.
Source: marriage.about.com, “Prenuptial Marriage Agreements“, Sheri Stritof, Oct. 11, 2014