Like others around the world, Texas couples who exchange wedding vows usually intend for them to last forever. However, with many marriages ending in court-issued divorce orders that can do more harm than good, it is becoming increasingly apparent that prenuptial agreements may be appropriate for many couples.
The purpose behind most prenuptial agreements is to keep each individual’s property separate in case the union ends in divorce. In high-asset marriages, this can mean separation of large bank accounts, expensive property, stocks and bonds, and more. However, everyday couples can also benefit from agreements that keep more meager assets separate if the bond of matrimony is broken. For many younger couples who may not yet have accrued higher assets, the idea of signing a prenuptial agreement can seem cold and unromantic rather than a necessary action that will protect both parties.
The agreements can contain information that will actually help strengthen a marriage, such as determinations of whether or not bank accounts will be joint or separate, what types of purchases each spouse needs permission to make, and what happens to assets in case of a split. Future vehicles and homes, alimony payments and other issues may also be addressed to stave off future problems.
While the thought of signing a prenuptial agreement can, for some, serve to diminish the romance of planning a wedding, more and more people are beginning to believe that they are a necessary protective move. Informal, personal agreements can be nice, but legal and binding ones carry more weight. Those couples who are considering the idea of such an agreement should consider consulting with separate legal counsel to assist in its negotiation and preparation.
Source: The Huffington Post, “Prenuptial Agreements: The Ultimate Symbol of Love?“, Justine Borer, August 22, 2014