“Why should I get a prenuptial agreement?” This is a big question that as an Austin divorce attorney, I’m often asked. Prenuptial (or premarital) agreements are designed to protect each individuals’ “property” and appreciate in interest or value earned upon that property from being entitled as community property.
Laying Out The Rules: The Many Reasons To Have A Prenuptial Agreement
Besides the above benefits, there are other good reasons to have a prenuptial agreement. This document is a very good idea for folks who have considerable assets including a family business or heirlooms. People who have children from an earlier marriage or relationship should also invest in a premarital agreement. Besides getting property separate in the marriage, the agreement will also:
- Sustain any estate plan
- Categorize marital vs. community property
- Set terms and conditions for which spousal support will be/ will not be paid along with how much paid should divorce occur
- Place in special agreements between both parties
- Save money and time should divorce occur
- Assist couples to manage belongings in how they are divided rather having a judge decide
- Assist couples to shield and manage financial privacy when divorce occurs
- Lessen emotional fallout by dealing with assets and debt before the divorce happens
- Set up parameters to address marital issues that could occur
The majority of Austin divorce attorneys agree that premarital agreements are defensively written; meaning they’re written with the sole purpose to protect the “what ifs” that could occur within the marriage. The wonderful thing about prenuptial agreements is that they’re not written in stone and, as with any contract made, it can be amended and changed. If the couple’s marriage withstands time, the couple can opt to amend the nuptial or toss it out… based on all circumstances.
Most Austin family law attorneys agree that they are more advantages than disadvantages with having a prenuptial agreement. However, there are two big disadvantages of having a prenuptial agreement such as:
- They’re not romantic
- They make the couple handle all the uncomfortable issues (debt, property rights, money management and estate planning) at the beginning of the relationship.
If you’ve got any questions regarding prenuptial agreements or if you’re getting married and need to put a premarital agreement together, consider the experienced Austin divorce lawyers of the Law Office of Willie and Dasher to help you draft this ever-important before marriage document.