If all you need is love, why bother with a prenuptial agreement? It is hardly a romantic notion, but with 50 percent of marriages ending in divorce it may be a prudent legal protection to ask a Houston divorce lawyer about.
A prenuptial agreement, also called an antenuptial agreement or premarital agreement, is a contract entered into prior to marriage. It commonly lists the assets and liabilities held by each party prior to marriage, and determines spousal support and division of property in the event of divorce. While these pre-marital agreements can be a hot-button issue between future spouses, they do address some complicated legal issues that will make divorce a little easier, such as:
- If your spouse is entering the marriage debt-ridden, it can shield you from the responsibility of those debts
- If you have a trust fund that pays you income, a prenuptial agreement will protect that trust for you
- If you are due an inheritance of money or property, a prenuptial agreement can ensure the inheritance will go only to you
- If you own non-liquid assets such as land or property, a prenuptial agreement can prevent a forced sale of those assets in the event of divorce
- If you are a business owner, a prenuptial agreement can prevent your ex-spouse from becoming part owner in the business after divorce
Full disclosure of assets is a pre-requisite to a prenuptial agreement. You can negotiate the agreement terms just like any other contract. Always have a competent and experienced divorce lawyer review the agreement for you to avoid unanswered questions. A full understanding leads to peace of mind when planning for an un-intended event like divorce.
Many people think of prenuptial agreements as exclusive territory for the rich and famous. And to be honest, young couples just starting out with nothing but clothes and furniture probably do not need a prenuptial agreement. However, couples getting married later in life have likely acquired property, investments and may even own a business. You have worked hard for those assets, so why not protect them?
Think of a prenuptial agreement as another type of insurance policy. It will minimize loss in the event of a marital breakdown. It can help you get back on your feet after a divorce and on with your life. To find out if a prenuptial agreement is right for you, speak to a Houston divorce attorney at John K. Grubb & Associates, PC.