Few things can spoil a romantic mood quite as thoroughly as suddenly bringing up finances. However, that does not mean this is a conversation you should avoid having. When protecting yourself and your property, seeking for a prenuptial agreement can be one of the best decisions you ever make.
Despite a increased use in recent years of prenups, there are still many misconceptions. Some people in Texas believe prenups are only necessary for the ultra-rich; others think prenups spell doom for a marriage.
Let’s consider how you could benefit from using a prenup.
There is a financial imbalance
You are not marrying your significant other because of his or her paycheck, and you are certainly not marrying him or her for his or her debt. In today’s world, it is likely that one of you will either:
- Earn more than the other
- Have more assets to one’s name
- Engage in bad spending habits or have lots of debt
In general, things that you own before tying the knot remain your own personal property that does not need dividing during divorce. However, family law is complicated, and in some cases, the way that you treat personal property can actually cause it to turn into marital property. In general, it is best to not leave your financial security up to chance, and a prenup can address all of the above issues you might face.
Being an entrepreneur is an exciting venture. Being an entrepreneur who is about to get a divorce can be terrifying. How can you protect your business interests during your split? What if your ex tries to claim that he or she should receive a portion of those assets?
You do not want to watch something you have worked so hard for disintegrate. As a business owner, a prenuptial agreement is an invaluable tool for protecting everything you have created.
You can get creative
The law already addresses how parents should split custody of their children, but what about pet owners? In the eyes of Texas state law, your pet is not another member of the family — it is property. Rather than potentially lose out on ever seeing your beloved four-legged friend ever again, you can use a prenup to figure out how you will handle pet-related costs and even pet custody.
At a distance, a prenuptial agreement might seem like a cold tool used by those who are already anticipating a divorce. In reality, these are incredibly versatile family law tools that can cover a wide range of scenarios and protections.