Many Texas residents have considered the benefits of a prenuptial agreement. However, uncertainty or misconceptions prevents some individuals from going through with one. Though there is much about prenuptial agreements that may cause hang-ups, there is some basic information that can help couples decide if a prenuptial agreement is a right choice for them. For couples with many assets, this choice can be the difference between losing much of one’s hard-earned wealth in a divorce and having a smooth and amicable separation.
Some may not know exactly what a prenuptial agreement can accomplish. A prenuptial agreement can protect marital assets, as well as prevent one spouse from passing on debts to the other. What’s more, a prenuptial agreement can help clarify what financial rights and responsibilities spouses will have during a marriage.
Another one of the major benefits of signing a prenuptial agreement is that couples can determine exactly how property will be distributed in the event of divorce. Property division can be one of the most contentious elements in a divorce, especially for those with numerous assets, as these disputes can result in a large financial toll. A prenuptial agreement can help ensure this oftentimes hotly contested issue goes as smoothly as possible.
For those with significant assets, a prenuptial agreement is simply a sound financial measure. Though a couple does not necessarily anticipate a divorce, by entering into a prenuptial agreement they ensure that if a high asset divorce occurs in the future, they will not be financially ruined. Attorneys are available to help couples decide whether or not a prenuptial agreement is right for them, and those considering marriage should fully explore the benefits and disadvantages of such an agreement in their situation.
Source: FindLaw, “Can Prenuptial Agreements Help?” accessed on Nov. 30, 2015