When a Texas couple plans a wedding, the two parties have many things to consider, from ceremony details to honeymoon locations. In all of the effort to prepare for the big day, it is easy to lose sight of what happens after the wedding takes place. It can be beneficial for a couple to consider what they need to do not only in the immediate future, but what steps they need to take to protect their long-term interests.
One of the easiest ways to protect your future self is by drafting a prenuptial agreement before the wedding. Some people do not take this step because they believe that either they are not wealthy enough to need one or that doing this in some way communicates that the marriage will likely fail. Neither of these is true, and in fact, drafting a prenup can be useful and practical for both you and your soon-to-be husband or wife.
Important factors to consider
Any couple can benefit from having a prenuptial agreement. This step is not one reserved only for those with valuable assets or significant incomes, but can be a measure of protection for both parties, regardless of income level and money. When considering this step, it can be useful to consider the following issues:
- Inheritance expected in the future
- Student loans brought into the marriage
- Further higher education for either spouse
- Separate assets owned before the marriage
- Important financial decisions
- Individual approaches to money management
- Financial goals and priorities
Discussing the above matters can be a healthy exercise for both parties, as each prepares for life together after the wedding.
What's the point of a prenup?
If neither you nor your spouse is wealthy, what is the point of having a prenuptial agreement? This step, although it may not seem like it at the time, can provide a measure of security in case of a contingency situation in the future. When you have a prenuptial agreement in place, you maintain control over several important factors in case of a divorce, such as:
- Division of marital property
- Distribution of marital debt
- Spousal support
- Pet custody
- Ownership rights of valuable marital property, such as the home or car
When these factors are already decided, you will be able to avoid a costly and contentious court battle in case of a future divorce. This alone can provide a sense of security as you go into your marriage. Additionally, the discussions necessary to draft a strong prenuptial agreement can be useful for both parties before the wedding.
There are many issues to consider when deciding if a prenup is right for you, and both partners may benefit from an open and honest discussion about their rights and options with an experienced attorney.