One area of family law that has gotten a lot of attention in recent years is the premarital agreement, which is also known as the prenuptial agreement. The extra attention might be because celebrity weddings and divorces invariably involve a prenuptial agreement of some kind.
Many years ago, these agreements, also called prenups, were only for rich and famous folks. However, modern San Antonio couples with little or no wealth have opted to sign prenuptial agreements before they get married. If you are wondering why a couple with practically no assets might enter into a prenuptial agreement, you are not alone. The following section will list a few pros and a few cons, which can help shine a little light on the subject.
- Identifies what is separate property and what is marital property should divorce occur
- Reduces the potential for conflict if the couple divorces
- Identifies any special arrangements between the two spouses
- Identifies what is separate debt to prevent sharing debt liability if divorce occurs
- Could take some of the romance out of a relationship
- Family law courts may disregard one or more provisions of a prenup
- Cannot cover domestic matters such as chore assignment or child education
- Will not address spousal support if the couple decides to divorce
The main thing to understand about prenuptial agreements is that they allow a couple to address financial matters that could create conflict during a divorce. This makes them beneficial for couples at all income levels.
One of the best ways for engaged couples to create a legally binding prenup is to consult with a family law attorney. Professional assistance ensures that a premarital agreement does not contain any illegal or frivolous provisions while providing as much financial protection as possible.
Source: FindLaw, “How to Determine if a Prenuptial Agreement is Right for You,” accessed Sep. 21, 2017