One of the last things a couple about to get married wants to think about is the possibility that the union they are about to enter into could end in divorce. While it is an unpleasant conversation to have, more and more couples in Texas and elsewhere are considering the benefits that a prenuptial agreement could provide. Because there are no guarantees in life, even couples without much to their names include a prenup in their marriage.
While prenups are no longer just for the rich and famous, they are still a legal document that is legally binding if properly entered into. Therefore, it is not a simple document that can be quickly drafted and signed. Couples seeking to include a prenuptial agreement should take the time to consider ways to make it work for them, ensuring that if they decide to get a divorce, no problems will be present when the prenup is used.
The main purpose for a prenup is to protect assets and property. Even when a couple does not have much, how this topic is approached is critical to the success of the document. There is no way to sugar coat “I want to keep my things mine,” however, discussing a prenup as a future financial planning tool could help further the conversation. It could also help the couple fully understand what assets, property, inheritances and debts they do have.
It is important not to rush a prenuptial agreement; therefore, it is important to begin the discussion well before the wedding date. This will allow for the couple to discuss the terms and include everything they believe is important. Rushing the document could result in the document not representing what the couple wants and could ultimately invalidate parts or the entire document.
Lastly, couples should understand each other’s bottom lines when it comes to the terms of the prenup. Additionally, it is also a good idea to discuss what will occur when major life events happen such as income increase, having children and inheritances. This might also be a time to evaluate the possibility of needing a postnuptial agreement in the future to revise the terms of the prenup.
Although conversations surrounding a prenuptial agreement are usually not easy, it often allows a couple to gain a full financial picture of their relationship and future marriage. Additionally, it could help the couple avoid potential disputes caused by the divorce process.
Source: Ivestopedia.com, “Top Tips for Implementing a Prenuptial Agreement,” Catherine Alford, August 25, 2015