In past generations, prenuptial agreements have gotten a bad rap. Often, Hollywood portrayed the prenup as a tool the rich use to prevent gold digging partners from getting their hands on the family wealth. These days, however, more and more couples are seeing the practicality and value of creating a prenuptial agreement for the protection of both spouses.
The reality of divorce
There is no denying that the rate of divorce is high in Texas and across the country. Dealing with property division is one of the most contentious parts of divorce and can be driven by negative emotions. With a prenuptial agreement, partners make decisions about separating assets, dividing debts and providing support, and they do this in a spirit of love and goodwill. Making these decisions before marriage can save time, stress and money in the event of divorce.
Some couples have good reason to consider a prenup. Those with children from previous relationships will want to protect their children’s inheritance. Business owners have a lot on the line if they enter marriage without a prenup. If one partner has significantly more assets or debts than the other, signing a prenup is a smart idea.
Getting it right
There are certain issues a prenuptial agreement cannot include. A prenup cannot contain decisions about child support, child custody or anything illegal. However, premarital contracts can cover a variety of critical items that can also benefit spouses during the marriage, such as the way the couple intends to earn, save, spend and borrow money. Because each state has specific laws governing prenups, it is wise to obtain individual legal counsel before agreeing to sign such a contract.