A prenuptial agreement is an agreement that is entered into by two parties prior to marriage. The marriage details what will happen to the couple’s assets in the event of a separation or divorce. Let’s review the pros and cons of prenuptial agreements.
Pro: Protecting Assets for Children from a Previous Marriage
One of the biggest benefits of a prenuptial agreement is that, in the event that one partner has children from a previous marriage, a prenuptial agreement can protect these children’s inheritance rights. A prenuptial agreement can act very similarly to a will, in that what will happen to your assets after death can be decided up front. As a note, a prenuptial agreement cannot address with whom children will live.
Pro: Protects You from Incurring Your Spouse’s Prior Debt
If your soon-to-be-spouse is entering your marriage with debt, a prenuptial agreement can protect you from incurring that debt in the event of a separation or divorce. Because Texas is a community property state, a prenuptial agreement can also address how debts incurred over the course of the marriage will be divided.
Con: A Prenuptial Agreement Can Impose Financial Limitations
Often, the financial future is unknown. When signing a prenuptial agreement, you may be agreeing to something that won’t make sense at a later date.
Your economic situation could change in so many ways that a prenup doesn’t address.
- Division of profits from a joint business can increase or decrease
- An alimony amount that is fair in 2015 may be too low in 2025
- The division of assets based on current interests that change over time
Con: A Prenuptial Agreement Can Cause Conflict
Another disadvantage of a prenuptial agreement is that signing a prenup can be an implication that you don’t trust the marriage to last. As such, asking your spouse to sign a prenuptial agreement may cause conflict or hurt feelings, and may engender a lack of trust or confidence in the marriage.
Weigh the Pros and Cons with a Legal Professional Today
If you’re considering asking for a prenuptial agreement, you should weigh the pros and cons with a legal professional today. The Texas Divorce Lawyer at The Law Office of Julie Johnson PLLC can help you understand in more depth why a prenuptial agreement may or may not be the right choice for you.
To schedule your free case consultation and learn more about prenuptial agreements and how the property is divided in the event of a divorce in Texas, call us at 214-265-7630.