There are many reasons that a couple would enter a prenuptial agreement. Contrary to many media portrayals of the agreement, it is not only made for a rich person entering a marital commitment. “Pre-nups” have multiple benefits for the parties involved and can benefit anyone who wishes to enter a marital commitment with a complete, legally-endorsable plan for the years ahead as well as in the event of divorce.
Additionally, if a party comes into the relationship with children from a previous relationship, it is helpful to have a plan for the financial division in the case of divorce or premature death. It is important to have discussions about stepchildren and division of savings for college education funds, etc. in order to have a clear idea and consensus on how funds will be divided among children.
Prenuptial agreements are also very useful should the marriage eventually result in divorce. Should a marriage dissolve, a couple need not rely on the courts to divide their assets; instead, there will already be a plan for the division. This will help to alleviate much of the stress associated with divorce as it will save both parties the added emotional and financial strain of having to fight over assets and other marital and financial matters.
Agreements can address matters such as estate division and property ownership and can be used to establish, or limit, the amount of alimony that will be paid in the event of a divorce. Generally, however, these agreements do not deal with child custody and/or child support, due to the fact that decisions regarding these issues are left to the discretion of the judge at the time of a dispute.
Reasons To Get a Prenuptial Agreement
1. You are much wealthier than your future spouse. A prenuptial agreement can ensure that your partner is marrying you for who you are, and not for your money. “Peace of Mind is Priceless!”
2. You earn much more than your future spouse. A prenuptial agreement can be used in Houston to limit the amount of alimony that is payable.
3. You are remarrying. When you remarry, your legal and financial concerns are often very different than in your first marriage. You may now have children from a previous marriage, child support obligations, spousal support obligation and you may now own a home with significant equity or other substantial assets. A Texas prenuptial agreement can ensure that when you pass away, your assets are distributed according to your wishes and that neither your first family nor your new family is cut off.
4. Your future spouse has a high debt load. If you are marrying someone with a significant amount of debt, and do not want to be held responsible for these debts in the event the marriage ends, then a prenuptial agreement can help ensure that this does not happen.
5. You own part of a business. Without a Houston prenuptial agreement, if your marriage ends, then your spouse could end up owning a share of your business. Your business partners will very likely not want this to happen. A prenuptial agreement can ensure that your spouse does not become an unwanted partner and owner in your business.
6. To prevent your spouse from overturning your estate plan. A prenuptial agreement can ensure that your estate plan works, and, for instance, ensure that a special piece of beach or mountain property remains in your family.
7. You are much poorer than your partner. Just as a prenuptial agreement can be used to protect a spouse who is well off, a well negotiated prenuptial agreement can also be used to ensure that the partner who is weaker financially is protected and should not have to incur tremendous legal fees in the event of a divorce just to get what he or she deserves.
8. You plan to quit your job to raise children. Quitting your job will negatively impact your income and your wealth. A Texas prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.
9. Peace of Mind. Just knowing if the relationship, unfortunately, does deteriorate that you have a fallback plan will be one less thing to worry about.