While most people think of the romance and excitement of getting engaged, there is also a deeply pragmatic side to it. Couples in Texas who are intending to tie the knot need to discuss a variety of financial matters, including prenuptial agreements. This agreement needs to be drawn up before the wedding date in order to protect both parties.
A prenuptial agreement is a legal contract that discusses how assets and liabilities would be divided if the couple were to divorce in the future. The benefit of signing a prenup is preventing frustration and arguments if the marriage ends. It can also prevent the expense and disappointment that can come when a judge has to decide how assets will be distributed after the divorce. While not all couples need a prenuptial agreement, all would benefit from a prenuptial consultation with a legal adviser in order to understand how they could be affected by a future divorce.
A prenuptial agreement is tailored to meet each couple’s needs. It would lay out assets that would be treated as separate property, how marital assets and liabilities would be divided, and if spousal support would be provided. Considerations that are often looked at include business interests, inheritances, family trusts and income that is earned during the marriage.
Couples also have the option of addressing confidentiality of finances or other information, which would include preventing spouses from sharing certain information with the public, friends or family members. Many have found that speaking with an attorney even before they even get engaged is helpful. It may set the expectation for the type of financial partnership each individual is looking for. A lawyer might provide information about prenuptial agreements and divorce. The attorney may be able to assist with the preparation of the document and provide information about property division, alimony and matters that relate to a high asset divorce.