Do you buy house insurance because you know that your house is going to burn down, or wear a seat belt because you know that you are going to be involved in an accident? No, but you take those precautions because you recognize the fact that it might happen. More and more people in Texas are starting to see prenuptial agreements in the same light as house insurance and seat belts. This type of contract can serve to protect both parties in a marriage, regardless of the value of their individual assets.
A prenup can benefit both spouses, even if is one is less wealthy at the time of the wedding. This can all change, and a future business venture or inheritance may need to be protected. However, it is important to have this discussion well in advance, as an agreement that was signed too close to the wedding date may be invalidated by a court if it is found to have been the result of fraud or overreaching.
Also, couples have the opportunity — via post-marital agreements — to address issues that were unanticipated before the marriage. These are unlimited, and additional post-nuptial agreements may be added to accommodate new assets or even non-financial matters. Many couples achieve that happily-ever-after marriage and never need to fall back on the specifications of marital agreements, but they at least have the peace of mind that they are protected.
When drafting prenuptial agreements, each party must be sure to retain the services of a separate legal representative. A Texas family law attorney who focuses on family law can provide valuable advice and work to ensure that an agreement protects the interests of the client. Even those remaining unconvinced of the protection a marital agreement offers may benefit from exploring it as an option.
Source: refinery29.com, “What Every 20-Something Woman Should Know About Prenups“, Paige Brettingen, Sept. 15, 2015