It can be tough to discuss the need for a prenuptial agreement while making wedding plans. However, most Texas residents have auto insurance to protect them in the event of a crash — and not because they expect to be involved in an accident. A prenuptial agreement serves the same purpose — it can protect the interests of both parties if they decide to file for divorce in the future.
In a community property state like Texas, assets that each party brings into a marriage remains the property of that person. Assets acquired during the marriage are marital property and will be subject to division in the event of a divorce. A prenuptial agreement can protect the personal assets of each spouse. Those individuals who enter into second or third marriages typically have multiple assets to protect. It would not be necessary to prove ownership of personal property that is specified in a prenuptial agreement.
When young couples get married before they have accumulated assets to protect, they may decide that there is no need for prenuptial agreements. As time goes by, one spouse may start a business, receive an inheritance or acquire assets in other ways. To specify how to handle such assets in the event of unforeseen future problems, a postnuptial agreement can be drafted.
Individuals in Texas who are planning to get married or those who are already married and concerned about future problems, such as the property division process in the event of divorce, may seek legal guidance. They may benefit from consulting with an experienced divorce attorney who can explain the pros and cons of prenuptial and post-nuptial agreements. A skilled lawyer will know the requirements for such agreements to hold up in court, and he or she can provide ongoing guidance and support.
Source: marriage.com, “Prenups vs. Postnups”, Accessed on Nov. 11, 2016