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 the right choice for them. For couples with may 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 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 contention 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