Although it would be an understatement to note that marital contracts — both prenuptial and postnuptial agreements — have suffered a stigma of sorts over the years, those legal tools are now gaining broad recognition for their utility in marriage planning.
In fact, many family law attorneys say that increasingly more couples cite an interest in knowing more about prenups and postnups and how they can advance important interests.
We noted that in a recent blog post, stating in our December 30, 2014, entry that, “When looked at dispassionately, the merits of a prenuptial contract [and, impliedly, a postnuptial agreement] clearly emerge.”
That view is echoed in a recent article authored by a private asset management company that focuses on the value of marital contracts as wealth protection tools.
For starters, notes the article, prenuptial and postnuptial agreements “define each partner’s rights and obligations in case of divorce or death.”
As important as that can seem to young partners in Texas or elsewhere about to enter marriage for the first time, it can command instant and strongly apparent applicability for older couples, especially when partners have been married before and have adult children.
Many baby boomer partners, for example, have tied the knot before. For many of them, they have valuable assets — perhaps even a family business — that they want to protect coming into a subsequent marriage. Perhaps, too, they want some assets sheltered that are earmarked for existing adult children at a later time.
The above-cited asset management company stresses that any person considering the execution of a marital contract should first consult with an attorney.
Given that states’ laws on marital agreements differ, that advice to speak candidly with a knowledgeable family law attorney can result in the execution of an agreement that fully conforms with all legal requirements and fully promotes a party’s interests.