Preparing for a wedding is exciting and also a bit nerve-wracking. One of the elements you may not want to address but should consider is whether you should create a prenuptial or premarital agreement.
Prenups get a lot of negative press, mainly because they are a misunderstood legal tool. If you want to prepare yourself for an uncertain future, learn what a Texas prenuptial agreement does and does not cover.
What is a prenuptial agreement?
Many believe that a prenup signals doom for your upcoming relationship. However, such an agreement may help alleviate devastation should you split. Since divorce can bring out the worst in people, creating a contract stating your wishes before that point may help minimize conflict and ensure a smoother process.
A premarital agreement acts as an insurance policy of sorts in that it only activates in a worst-case scenario. Just like you do not want to become the victim of a car accident or a disabling health event, you do not want to face a divorce. In its role as an insurance policy, a prenup may help ease the strain during a challenging time.
What goes into a prenup?
Texas law is clear that a premarital agreement can only address specific financial issues, such as:
- What assets are separate property
- How you will handle inheritances
- What constitutes marital property and how you will split it
- Whether one party will pay spousal maintenance or not
What a prenup cannot cover are issues related to future or current children. You may not agree to custody or support payments in a prenup, but using a premarital agreement to remove the property division conflicts from a divorce may make you and your spouse more amicable to agree on child-related issues.
Whether you and your future spouse should have a prenuptial agreement is personal and should remain that way.