Getting married is an overwhelming and emotional time for couples in Texas and elsewhere. The excitement of the process, along with the costs associated with it, can be a lot to take in. Thus, it is often not an ideal time to bring up the possibility of a future divorce. It is certainly not romantic to discuss divorce before a marriage has begun. However, the reality remains that roughly half of all marriages end in divorce.
With that fact in mind, many couples choose to include a prenuptial or postnuptial agreement in their union. While it was once more common to do this if a spouse was wealthy or famous, this is no longer the case. Nonetheless, spouses still pause and ask: How do I know if I need a prenup?
To begin, a prenup is a contract entered into by two spouses before a marriage that details property division, spousal support and other important issues in case a divorce takes place. Couples need to understand why any couple would need or want a prenuptial agreement. The ultimate reason to include a prenup in a marriage is to protect the assets and property a spouse had before marriage.
Although uncomfortable at first, the discussion of a prenup could help a couple to be more open and forthcoming about what assets, property and debt they have prior to getting married. This not only results in a more transparent financial situation, but could also provide valid reasons for wanting and needing to enter into a prenup.
No matter the reason for considering a prenuptial agreement, it is important to understand the process to enter into and validate this marital agreement. Even more so, those in the divorce process need to ensure they understand how a prenup is executed in the process. This helps protect one’s rights and interests in the matter.
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Author: On behalf of Katie L. Lewis of Katie L. Lewis, P.C. Family Law