Why Would Someone Get a Premarital Agreement?
When most people consider their future with Mr. or Mrs. Perfect, they believe that they will be with their spouse for a lifetime. Unfortunately, divorce rates in the United States show us that many couples are mistaken in this assumption.
While some people believe that even mentioning a prenuptial or premarital agreement is akin to signing a death warrant for their future marriage, that isn’t necessarily the case. In fact, premarital agreements aren’t just for the ultra-wealthy, as there are a variety of reasons why someone would get a premarital agreement, and they can even help some couples go into their new marriage in a happier and healthier way by covering this important topic. Here are a few reasons why someone may consider getting a prenuptial agreement.
Talk About Finances
Many couples who are in the throes of a young love, and eager to jump into the wedding planning and happily ever after phase, forget to ever really talk about their finances. The fact is that finances are the number one reason that married couples divorce, and many find out after a few years of marriage that they don’t even see eye-to-eye with their spouse on this important matter.
Bringing up a premarital agreement can help bring all of this finance talk to the table, including spending habits, assets, debts, and other issues, before you’ve tied the knot. Once you marry, you are also marrying your spouse’s debt and other ongoing financial issues. So it can be helpful for both to enter the relationship on the same page.
Delayed or Second Marriages
Many couples are waiting much later in their lives before saying “I do” as they instead focus on their professional growth and career. This waiting usually means that one or both may have accumulated significant savings, retirement funds, and maybe even property. In the event of a divorce, a prenuptial agreement can help protect the assets of both partners.
Likewise, this is often true for those going into a second marriage, although perhaps this time around the person has seen first-hand how a divorce can be devastating not only emotionally but also financially.
Furthermore, if one partner has children from a previous marriage, they may want a prenuptial agreement in place to ensure that some or all of their assets go to their children upon death, rather than to their surviving spouse.
No one would say that talking about a prenup is romantic, but it’s certainly a smart step for couples planning a future together, so that both parties have the chance to clear the air regarding assets and debts and put a plan in place with calmer heads should things not work out in the long run. But just being open and honest with your partner about your needs, wants, and concerns about finances can help to establish healthy communication channels which will serve you well throughout marriage. Open communication and coming to agreement on financial goals is critical to any happy and long-lasting marriage, so don’t let the talk of a premarital agreement scare you off.
If you need help setting up a premarital agreement, the family law attorneys at Fears Nachawati are here to help. Our team has helped thousands of couples across the state get through this important step prior to marriage. For your free, no obligation consultation please call please call (866) 705-7584 or visit the offices of Fears Nachawati located throughout the great state of Texas, including in Houston, Dallas, Austin, Fort Worth, and San Antonio.