7 Reasons to Consider Getting a Marriage Prenup
It’s important to get a marriage prenup before your wedding day to protect your assets in the case of divorce or of one partner dying.
Are there wedding bells on your horizon? Have you found “the one” and you’re certain that nothing could ever go wrong? Hopefully, your relationship will be among those that last a lifetime, but the reality remains: many marriages simply don’t last, for one reason or another.
Getting a a prenuptial agreement, or “prenup,” can protect you, your assets, and your posterity in the event that a marriage heads south.
Let’s take a look at 7 main reasons why you should get a prenup and how having one will help you sleep better at night:
If One Spouse Earns Considerably More Than the Other
If you are entering a relationship with more wealth than your partner, taking the step toward a prenup is a wise move. Not only will a prenup protect your money and assets should your relationship come to an end, having one in place can ensure that your partner isn’t marrying you for your money alone.
A solid prenup can be set up to limit the amount of alimony or spousal support you’ll be expected to pay if you get divorced. Countless are the people who have ended up paying massive amounts of money to their ex-spouse, for years and years, after their marriage ended. Protect yourself from this unwanted expense and seek a reliable attorney.
Protect Your Business
If you’re a business owner, it’s important to recognize that your spouse can claim a portion of your business and the income your business generates should you divorce. In a community property state such as Texas, your spouse may be a hidden partner in your business, owning half of your share of the business.
Divorce can often have detrimental consequences to even the most successful businesses, so have a prenup put together that will protect your business should your relationship come to an unexpected end. Prenups are a good idea for business partners to require of each other, too, in case a partner’s marriage ends badly.
To Establish Rights of Property
State laws determine how property is divided up after a marriage dissolves and a prenup isn’t in place. To avoid having the court decide what happens to your property, a prenup is highly recommended.
A prenup can protect any personal property you acquire and determine the distribution of your property in the event of your death. If you want your property to go to one of your children or friends, for example, you can establish this desire in the prenup. For states like Texas, a prenup helps clarify what property is part of the marital estate and what property is outside of your marriage and not subject to division in a divorce.
When your wishes are legally preserved, your estate plan will be carried out according to your plans, and not left to a spouse or ex.
With a marriage prenup in place, your inheritance, treasured family heirlooms, or family property can be kept as just that: in the family. Your attorney can help you make sure that these things are protected in the event of a divorce.
A Marriage Prenup Can Protect One Spouse From the Other’s Debts
If your spouse racked up significant debt over the course of your marriage, creditors can come after you for the payback, even when they were the one responsible for the debt, and even after you get divorced. A solid marriage prenup can keep the debt liability to a minimum so that you aren’t left with the bulk of the bill. This is especially important in community property states such as Texas, where both assets and debts are part of the marital estate.
So if you don’t want to be held responsible for the debts your spouse incurred should the two of you divorce down the road, get that prenup put into place ahead of time.
To Protect Your Assets Should You Become Re-Married
Protect your assets and determine their distribution ahead of time should you pass away. With a prenup in place, your family won’t need to fight about who gets what. And if you get remarried down the road and you add more children to your life, your wishes distribution wishes will likely change. An experienced attorney can help you draw up a prenup that covers all the bases so that all the members of your family are well taken care of as you see fit.
To Prevent Extensive Court Proceedings
The divorce process can sometimes drag on, especially where there are many assets or significant wealth involved. If a couple has had kids together a divorce can become especially complicated. As it is, divorce attorneys and their services are expensive and court proceedings can go on for months.
Avoid the pain of negotiating who gets what, and which party has custody of the children when. Divorce is already a time where emotions are running high, but with a prenup already in place, you can avoid much of this headache by developing a plan when everyone is thinking clearly.
A marriage prenup can outline what will happen with all assets and how things will be handled with the children should a divorce occur. And since both parties will agree with the outcome of the prenup ahead of time, lengthy court proceedings may be avoided.
Enter the Marriage Honestly
Though no one enters a relationship expecting it to come to an end, there’s always a possibility that a marriage won’t go the distance.
Many people say that a prenup is unromantic and even offensive. But being open with your partner and talking about your concerns will ensure that you start the marriage with realistic expectations.
It might not be a fun discussion to have, but as you both move forward together, you’ll rest easy knowing that an understanding is already in place.
Let Us Help You
Allow our experienced attorneys to help you in getting a solid marriage prenup written up to protect you, your property, and your future earnings should things not pan out as you hope.
Though we wish all our clients the best in their marriages, we know things don’t always go as planned, and we want to help you be prepared.
We’re here to help, so give us a call today!