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Austin TX Family Law Blog

Friday, April 15, 2016

Do I Need a Prenuptial Agreement?

How do I know if I will benefit from a prenuptial agreement?

A prenuptial agreement is a contract signed before two parties enter into a marriage that describes how assets will be divided by the couple in the event of a divorce. As the average age of people entering into marriages goes up, we see that many of these people have accumulated assets early in life and that they want assurance as to how these assets will be divided in the event that their marriage falls apart. It isn’t a romantic topic but many feel it’s necessary.

Prenuptial agreements are not just for the rich; they are important for those who want to retain  their assets after the divorce. So how do you determine if a prenuptial agreement is right for your situation? Well, it takes some examination of yourself and your spouse.

Do either of you own a business?  If you do, divorce can be catastrophic for you. Your spouse could stake a claim in the business you have spent years building and a legal battle could depete your business assets. Therefore, an agreement that specifies how the business will be characterized in the event of a divorce is always a good idea.

Do either of you intend on being a homemaker or stay at home parent? If so, a divorce can leave this party without sufficient finances. A well thought out agreement can arranges for proper spousal support in the event that the marriage ends.

It is also crucial to have an understanding of your future spouse's debt before you get married. You do not want to be liable for it in the event of a divorce. The right terms in a prenup can free you from liability all together.

Are either of you anticipating a large inheritance? If so, commingling funds with your spouse can make things complicated should the marriage come to an end.  A prenup can define how the inheritance should be handled if you and your spouse decide to part ways.

Are there children from prior relationships?  If so, they are probably you or your spouse’s main priority. You want to make sure they are taken care of and receive the inheritance they deserve.  Ensure that you can pass down what you want by defining it in a prenup now.

If you are getting married and are considering a pre or post marital agreement, contact an Austin, Texas family law attorney today.

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