Why should my fiancé and I consider a prenuptial agreement?

 Posted on April 01, 2022 in Prenuptial Agreements

Preparing for a wedding is an exciting and joyous time. Let's face it. Most people believe talking about a prenuptial agreement can be a real buzzkill for people in love. No one wants to think about how their relationship will end.

But adopting a different mindset over prenups can bring many benefits. Texas couples who have gone through the process realize it's one of the best ways to have meaningful discussions early on that can provide peace of mind for circumstances that are impossible to predict.

How a prenup works

Prenuptial agreements are legal contracts showing how assets will be treated during a marriage as well as if divorce happens. Also called premarital agreements, prenups help couples:

• Identify assets and estates for each party
• Outline marital vs. separate property
• Define property and alimony rights
• Protect inheritance for children born before the marriage

Instead of foreshadowing the end of a marriage, prenups provide certainty for both parties regardless of what the future brings.

What is the biggest benefit?

Disagreements and anxiety over money are some of the main reasons for divorce. Putting a prenup in place forces couples to have frank discussions about financial matters. These include:

• Income and monthly budgeting
• Working or being home with children
• Saving for children's educational needs
• Buying a house vs. renting
• Planning for retirement
• Savings
• Credit card debt

While a prenup addresses what happens if a relationship ends, discussing these critical topics beforehand can relieve stress over the unknown.

Other benefits to consider

In addition to preparing couples for money-related issues during the marriage, prenuptial agreements can also reduce stress if the relationship ends. They can accomplish this by reducing the cost of a divorce and allowing you and your spouse to make crucial decisions over dividing property instead of a judge.

One of the potential negatives is an agreement favoring one spouse over the other. But working with a lawyer experienced in drafting these agreements can avoid that result. Yes, a prenup isn’t the most romantic thing to talk to your fiancé about, but there's plenty of evidence to suggest that couples who address these issues beforehand have stronger marriages.