Many couples in Texas decide that their circumstances and the value of their assets do not justify prenuptial agreements. However, as more and more individuals enter into marriages when they already have successful careers and substantial assets, prenuptial agreements are becoming more and more necessary. Not only do prenups protect spouses in the event of a divorce, but a prenuptial agreement can also make soon-to-be spouses take a long, hard look at their financial situations.
Texas is a community property state, so discussions about a prenuptial agreement will require each partner to reveal existing assets and debts. In addition, prenups may also keep business owners from having to give away 50 percent of a successful business or having to sell it during the property division process. If one spouse earns significantly more than the other spouse, the higher-earning spouse may need the assurance that his or her income will be protected. At the same time, the lower-earning spouse may need the assurance that he or she will be supported.
When a couple’s future plans include one spouse giving up a career to care for children, the resulting need for spousal support can be included in the agreement. This can provide the stay-at-home parent with support while skills are updated before re-entry into the job market. If one spouse tends to run up credit card debt, directives in a prenuptial agreement can protect the other spouse from being responsible for those debts. Even the fate of a beloved pet can be determined in a prenuptial agreement.
A couple in Texas who recognizes the importance of such an agreement may want to ensure timely consultations with experienced family law attorneys present. A prenuptial agreement signed too close to the wedding day may be challenged if one spouse believes he or she was coerced or forced to sign the document without sufficient time to examine it. The court will commonly question an agreement that was not signed in the presence of both spouses’ attorneys.
Source: mediate.com, “6 Reasons You Need a Prenup“, Bruce Provda, Accessed on March 6, 2015