Is a Texas Prenuptial Agreement Right for You?
Posted on in Divorce
Although they are more common today than they were a decade or so ago, many couples still do not believe they need a prenuptial agreement before they get married. While one of the main reasons for this is that the couple may believe that they will never divorce so they do not need one, others believe that only wealthy people need prenups.
The truth is that no matter how in love you are today, almost half of marriages today end in divorce. The other truth is that you do not have to be rich to benefit from a prenup should you find yourself needing the help of a Texas divorce attorney. The following are some questions that usually indicate that a couple should seriously consider drafting a prenuptial agreement before saying, “I do.”
Do You Have Assets?
As one might imagine, couples with significant assets individually or between them will benefit from a prenuptial agreement in multiple ways. However, even if those assets are not significant, you will still want to make sure they are protected from Texas community property divorce laws.
A prenuptial agreement is one of the easiest and most common ways to clarify whose assets are whose before the marriage, meaning that all those assets will be classed as nonmarital property (unless the court handling your divorce disapproves) and thus not subject to division.
Another way prenups help is to provide a way to track assets that become commingled with marital property. If you had a certain sum of money before the marriage, listing it in a prenup may help you retain it in divorce, even if normally commingled money becomes marital property if used to further the marriage (such as paying bills with it or remodeling a home).
Some couples are agreeable to such assets becoming marital property, but if you would rather retain it, mentioning it in a prenup may be enough to accomplish that goal.
Have You Been Married Before?
The other group of couples that can benefit substantially from a prenuptial agreement are those who have been previously married to others. Without a prenuptial agreement, assets are divided between the spouses in a 50/50 split, but this may be insufficient or unacceptable if one or both spouses have children from a previous marriage. The children may want to preserve or retain their parent’s premarital asset, but the court may grant that asset to the other spouse unless specifically provided.
Contact a Collin County Divorce Attorney
Prenuptial agreements are a smart tool to make use of, especially if you have extensive assets or children from a previous marriage. To learn more, call Law Office of Brian Bagley at (972) 843-7158 to schedule a free consultation with one of our skilled Plano, TX prenup lawyers today.