The benefits of prenuptial agreements and the peace of mind they offer a marriage
“I love you,” and “Will you Marry me?” do not often accompany, “Would you mind signing a prenuptial agreement?” Of course a to-be-wed couple is focused on every beautiful thing they plan to share together when they get married. we spend so much time and resources on financial disclosures during divorce, yet We are not required to do so before getting married. When you say, “I do,” you take your soon-to-be as you find them, and trust they are playing it straight with you when it comes to business, finance and their relevant past history. Some people marry for money or target the opportunity to get money in a divorce. While keeping an optimistic eye towards marriage, it might be appropriate to consider what could happen if the marriage ends. Settling the issues before they become contentious is the easiest thing to do with a prenuptial agreement, and it can give couples the peace of mind to know where they stand if it doesn’t work out.
A prenuptial agreement identifies and designates rights to property and assets which survive the termination of marriage.
Individuals preparing to marry, who wish to preserve their sole rights in assets and property in the event the marriage terminates by divorce or death, can execute a prenuptial agreement. In the event of divorce, property secluded from the community property of the marriage, through a valid and enforceable prenuptial agreement, remains the sole property of the individuals named in the agreement.
The prenuptial agreement is a contract between individuals getting married. The first step in making an agreement about assets and properties is to fully investigate and disclose the most relevant and available information describing and valuing each named item. This process is similar to the investigation and disclosure procedures in a divorce. If property needs to be transferred or attended to after a divorce, the directions for those procedures are included in a prenuptial agreement.
Prenuptial agreements provide for the support of adult and minor children as well as a marital home.
Marriages can end in divorce, and in death. In the event the marriage ends the death of a parent, a prenuptial agreement can include provisions concerning adult and minor children, both of the marriage and those of prior marriages. Provisions can direct payments for support, maintenance and education of children, as all as their home. Life insurance directives can direct the change of beneficiary designations and the acquisition of new policies naming beneficiaries.
Prenuptial agreements can also include provisions concerning wills and trusts, and can direct another to not revoke a will or trust. Additional circumstances that can arise at the termination of a marriage and where they may be different depending on whether the marriage terminates by death, divorce or other means.
How do you know if you need a prenuptial agreement, or your soon to be spouse asks you to sign one?
If you have valuable interests in assets and property, you may want to protect your interests in the event the marriage ends. It does not mean you intend to get divorced, but that you recognize that a marriage could end through no intention or fault of either party. Family members may strongly suggest a prenuptial agreement, especially when it is not the first marriage, and when children are involved.
People getting married should not worry about the strength of their new marriage simply because they signed a prenuptial agreement or is being asked to sign one. At the end of the day, it is the personal preference of people, and for some, a prenuptial agreement may not be an option. For others, the added security is similar to an estate plan or insurance policy.
Talking to an experienced family law attorney about prenuptial agreements can help answer questions and calm concerns and fears. While everyone getting married may not need a prenuptial agreement, many take advantage of the option to preserve their interests.
Dallas and Collin County Board Certified divorce and family law attorney, Mark Scroggins, along with their team at Scroggins Family Law can help individuals who need a prenuptial agreement to protect their interests in the event the marriage ends.
At Scroggins Family Law, our Dallas and Collin County divorce attorneys have more than over 24 years of collective experience with family law cases. When you retain our firm, you can trust that your case is in the hands of a highly skilled, dedicated professional. we understand the unique challenges of a high value divorce case, and more importantly, have the knowledge and experience you need on your side. Call us today to learn more about Texas divorce and family law: (214) 469-3100.
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