While most couples in Texas like to focus on the excitement surrounding an engagement, it is also necessary to focus on the pragmatic side of the pending marriage. In order to ensure that both parties are on the same page regarding issues that could arise during the marriage or in case of a divorce, they need to discuss finances. Drawing up a prenuptial agreement before they tie the knot can be helpful for both parties.
Prenuptial agreements can address a variety of matters. They typically lay out how assets and liabilities would be divided if the couple decided to divorce. It can prevent a lot of frustration and expense. It will set rules that both individuals feel are fair as opposed to leaving decisions about how assets will be distributed up to a judge. Even if a couple decides that a prenuptial agreement is not right for them, they should understand how not having one would affect them in case they divorce.
It may feel uncomfortable for the couple to discuss a prenuptial agreement. However, it is necessary and beneficial to do. For one thing, financial conversations set expectations for both parties as to what they expect from the financial partnership they are creating with their new spouse. They can talk about how the finances will be managed.
The sooner a couple can have this conversation, the better. If a prenuptial agreement is signed close to the wedding date, there is the possibility that the court will question the enforceability of a prenup in case of a divorce and argue that it was signed under duress.
Prenuptial agreements are tailored for each couple’s concerns. A lawyer may discuss which assets would be treated as separate property in case of a divorce and which ones would be looked at as marital property. A lawyer may help a couple take into consideration family trusts, business interests, inheritances and income when drawing up this legally binding contract.