Do Prenuptial Agreements Spell Doom for Marriages?
By Jordan Cypert
Do Prenuptial (a.k.a. Premarital) Agreements spell doom for romance and marriages? Or are "Prenups" a practical solution to dealing with the problematic topic of finances in a marriage?
Prenups are typically used by couples dealing with financial inequality
Typically, and quite pointedly, prenuptial agreements were for couples dealing with financial inequality, couples who have a lot of wealth, or otherwise for couples marrying for the second or third (or more?) time. And, while those couples are quite right to at the very least explore the "prenup" avenue, prenuptial agreements can be a positive 'building exercise' in nearly every soon to be married couple's relationship regardless of financial status. Prenuptial agreements put all of their financial cards on the table before they walk down the aisle, allowing them to preemptively deal with a usually touchy subject before there's "no turning back."
Texas law creates a strong presumption that all property within a marriage is community property
A prenuptial agreement is a signed and notarized contract that spells out how a couple will handle the financial aspects of their marriage. This is especially useful in so-called 'Community Property' States like Texas. With some exceptions, Texas law states that property accumulated during a marriage is owned by both the husband and the wife, each owning a 1/2 undivided interest, hence community property. Additionally, Texas law creates a strong presumption that all property within a marriage is community property, unless it can be satisfactorily proved otherwise.
The mere discussion of a prenup can be helpful for many couples
This is where even the mere discussion of a prenuptial agreement can be helpful in many, if not all, marriages. Although not very romantic, having this honest financial discussion prior to a wedding ceremony can be a very positive experience. That isn't to say that prenuptial agreements themselves are for everyone, just that the discussion shouldn't be avoided for the sake of some misguided sense of morality or stubbornness. Let's take a look at some of the pros and cons of prenuptial agreements:
Pros of Prenuptial Agreements:
Cons of Prenuptial Agreements:
Should you decide to go forward with a prenuptial agreement, here are some things to remember:
Get a lawyer to help ... you'll be glad you did
Engaged couples should seek the advice of a competent attorney that understands their unique legal needs to help in planning and drafting these documents.
To get more information on prenuptial agreements click here or contact or call us at (512) 535-5008 for a free phone consultation.
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