Weddings are supposed to celebrate the love of two happy people. However in legal terms, marriage in Texas (and every other state) is a contract that involves financial rights and obligations. A prenuptial agreement in Texas helps a couple define their rights and protects both of the parties in cases of divorce or death. It can also be used for the following:
- Determining the responsibility for premarital debt
- Defining the ownership of the home
- Distribution and estate planning after a death
- Deciding which items are separate property and community property
- The resolution of financial disputes
- Spousal obligations
- Children support
There are 7 reasons you might want to consider a prenuptial agreement in Texas:
1) You have children from a previous marriage: A prenuptial agreement in the state of Texas ensures that your assets are protected for the children in case of a death or divorce. Many prenuptial agreements in Texas make clear that the agreement won’t be valid after a certain number of years. If you are supporting children from a previous marriage, you might cancel the agreement in Texas after your children are grown.
2) You own a business: If you own a business and your marriage comes to an end, it could be possible that your spouse ends up owning a portion or all of your business with a prenuptial agreement.
3) You have significant debt: If you have a large debt load, a prenuptial agreement can protect your spouse and property. If your partner has a lot of debt, an agreement protects you from being responsible for the rest of the debt if the marriage comes to an end.
4) You have property that you would like to remain in your family: Having a prenuptial agreement will ensure you that your family heirlooms or valuables will remain in your family after a divorce or death.
5) You have inherited wealth or you make more than your partner: A prenuptial can be used to limit the amount you will pay in support if the marriage ends. It ensures that your spouse is marrying you for love and not for money.
6) You earn a lot less than your partner: Just as this agreement can be used to protect a spouse, it can be used to ensure spousal support of the person with less income.
7) You plan to quit your job to raise the children: Quitting your job to raise children affects both future, current and potential income and earnings. A prenuptial agreement ensures that your financial cost of raising children is shared equitably by both parents and the parent who decides not to work is supported if the marriage ends.
In a perfect world, prenuptial agreements wouldn’t be necessary. But here in Houston, Texas, and the real world for that matter, they can sometimes be an absolute necessity before a couple ties the knot. If you live in the Houston area, and you’re contemplating marriage to a high-income earner or you yourself are a wealthy individual, you need legal counsel that can construct a prenuptial agreement that protects you and your assets in case the marriage fails. You need Lacy LaFour and her team of divorce attorneys at LaFour Law Firm PC. Reach them today and gain trusted, expert counsel from veteran attorneys who’ve represented hundreds of high net worth clients across Houston.