Why Should I Get a Prenup?
Valentine’s Day is a time when a lot of couples get engaged. In the weeks that follow, there should be a discussion about whether to have a prenup. There are some good reasons for getting a prenuptial or premarital agreement.
5 Reasons to Get a Prenup
Prenuptial agreements have received their share of criticism. Some say they are a roadmap to divorce. A better description is to view them as you would a life insurance policy. You do not take out such a policy on a loved one in the hope that they will die, but if they do die, you are glad you have the policy. Here are 5 reasons why a prenup is a good idea:
- It opens a financial discussion about property owned and liabilities that might otherwise may have stayed silent.
- It provides a way to designate separate property and how to keep it separate.
- It allows a full and fair discussion of how property will be divided in the event of a divorce.
- It will provide for children of each party they may have from another relationship.
- It will save time and money in the future if a divorce does occur since all the difficult decisions will have already been made by way of agreement in advance.
Texas Law Concerning Prenuptial Agreements
To be valid and enforceable, Texas law has requirements a prenuptial agreement must meet:
- It must be in writing.
- The agreement must be voluntarily entered to by both parties and made in anticipation that there will be a marriage.
- There must be full disclosure of all assets and liabilities. If one party holds back financial information that should have been disclosed, the prenup will be declared invalid.
- The agreement may not put any limits to child support that may “adversely affect” the children.
- No matter what the prenup says about child custody and visitation, the court will make its own decision according to what it views is in the best interest of the children.
An agreement may be found by a court to be “unconscionable” and unenforceable if the court finds that one party did not make a full and fair disclosure of assets.
The agreement must not be signed under duress. The closer to the actual marriage that the agreement is signed, the more likely a court is to find it signed under duress. Therefore, it is a good idea to start working on the agreement several months ahead of the wedding date.
For assistance in preparing a prenuptial agreement, contact us at Martinez Legal, P.C. We help each client according to his or her unique needs.