Prenuptial agreements often carry a negative connotation. But in a society where people are waiting until they’re older to get married and building up assets and debt before marriage, the prenup is making a comeback in a big way, especially over the last few years. Money can be a stressful discussion in a marriage, and a prenuptial agreement will help both of you enter the marriage with a clear understanding of your financial situation, as well as the things that should be acknowledged and understood before signing it.
Be Open And Honest
Both intended spouses should be forthcoming not only about their assets but also their debts. Unpaid spousal or child support or monthly child support payments from previous marriages should be disclosed. Any loans held in your name should also be disclosed. Any assets, including stocks, bonds, or bank accounts should be noted.
Make A Financial Plan For The Future
Laying out a legal agreement as to how assets will be handled that are acquired after the marriage has taken place is important. If you purchase a home, will it be in both of your names? Discuss and include in the prenuptial whether or not you will have shared, separate, or both types of bank accounts. If you have specific financial contribution plans for managing home expenses, caring for your children, or saving up for their college educations, those plans should also be included. If one spouse is giving up a career to raise a family and wants to be financially compensated, those terms are important to discuss and incorporate in the prenuptial.
Property allocation should one of the spouses die is an important issue addressed in a prenuptial agreement. Additionally, the rights to a death benefit from a life insurance policy, designate who has control of what property, and who has the right to sell, exchange, lease, mortgage or take out a loan against specific property are included. Prenups are not required in Texas, but if either intended spouse has significant assets or debt, has been married before, has children, or there is a need for one or the other spouse to secure their estate, it’s a good idea to get one.
For more than 17 years, the law offices of Steven C. Benke have been providing expert legal guidance for the San Antonio area. Our focus is in family law, including divorce, child custody, child support, and prenuptial agreements. We understand the financial, emotional, and legal implications that are a part of each and every family law case we cover. Our attorneys ensure that you receive the best legal advice to protect your rights, emotional interests, and financial well-being. Texas law can be confusing without the right legal advice. Let one of our attorneys find the best outcome for your case or help you and your spouse plan out your financial future through a prenuptial or postnuptial agreement.