Why do I need a prenup?

Prenuptial agreements can be important for couples in many ways and are not just for people with extreme wealth anymore.

Getting engaged and planning a wedding can and should be wonderful experiences for Texas couples. However, it is important that people do not focus solely on party planning or honeymoon details as it is actually the marriage that ultimately matters and will affect their entire lives. An important way of preparing for marriage is to discuss many things, including those that may be difficult at times to discuss. This includes finances as well as other things.

Prenup as a form of communication

Business Insider notes that this type of honesty and open communication may just well be the most important benefit to creating a prenuptial agreement. Marriage is an intimate financial relationship even if it lasts for life. Understanding a potential partner’s credit history and status, assets, debts and method of managing or handling money is essential.

According to Forbes, couples can use a prenuptial agreement to not only outline how marital assets may be divided in a divorce but also how they will handle money while married. For example, a marital contract can identify which spouse will have responsibility for what bills or assets or how they will co-manage such things.

Marital contracts for remarriages

It is not uncommon today for people to be getting married after having been married before. Especially when these marriages involve children from earlier relationships , there can be an understandable need to preserve some assets for those children.

These assets may be in the form of tangible family treasures or in the form of cash, investments or more. Either way, a marital contract can outline what should happen to one spouse’s assets upon death so that children or grandchildren receive what the person intended.

If one spouse is still paying or receiving child support, a prenup can provide details about what money is used to pay the support or how support received will be used for the children intended.

Everyone has a prenup

The Texas Legislature explains that when people get divorced in Texas, the laws of community property will rule when no prenup is in place. Essentially, this means that every married couple has a prenuptial agreement of some sort. If no specific prenup is created, the state’s laws act as such.

Starting off on the right foot

Texas couples should always talk with an attorney about how a prenuptial agreement may benefit them. This can even happen before an engagement is solidified. The earlier potential spouses are fully honest with each other, the better for their long-term relationships.