Should I Get A Prenuptial Agreement Before Marriage?
The word prenup has gotten a bad reputation over the years. In fact, we’re willing to bet you felt a cold shiver when you saw the word. So before we even get started, let’s get some prenup misconceptions out of the way. First, prenups are not just for the rich and famous. Prenups also do not have to mean that you’re going into the union with the expectation that it will fail. While marriage is a union of love, it’s also still a binding legal agreement. And it’s safe to assume that you wouldn’t enter into any other binding legal agreement (business partnership, etc) without taking the necessary precautions to protect that relationship.
Why prenups aren’t just for the rich and famous
What most people would be surprised to learn is that every married couple already has a prenup whether they established one intentionally or not. If you didn’t create a prenuptial agreement yourself, the version you have is just the default laws of your state.
In the case that you decide not to craft a prenuptial agreement yourselves, the current laws of your state will determine what happens to your finances in case of divorce. Choosing to establish your own prenup allows you some say in the matter.
What’s the purpose of a prenuptial agreement?
While most people assume a prenup only comes into play in the event of a divorce, that’s actually not totally true. A prenuptial agreement can also determine how the finances are handled during the marriage as well.
How? Well, let’s say you decide to start a business and you take out a hefty loan to fund it. Texas is a community property state (along with Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Washington, and Wisconsin). And in a community property state, your spouse is equally responsible for any debts you incur during the marriage. A prenuptial agreement can ensure that’s not the case.
A prenup can also help determine what happens to your assets in the event of your death.
Changing the prenuptial agreement narrative
We understand that broaching the subject of a prenup with your loved one can be tricky, so it might be helpful to shift the perspective. Establishing a prenuptial agreement allows you and your partner to have tough conversations about finances upfront. Instead of going in blind, hoping that you both are on the same page, you can enter into your marriage confident that those tricky conversations have already taken place.
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