You can’t wait to walk down the aisle and marry your future spouse. However, the reality is that not all marriages last, no matter how hard two spouses try to make theirs work.
In the event you get a divorce a few years or even a few decades down the road, how can you protect yourself financially? Developing a prenuptial agreement is one of the best ways to safeguard your assets during divorce in Texas.
How prenuptial agreements can help you
Although wealthy individuals frequently use prenuptial agreements, these legal documents can be just as helpful for those who may not have many assets or any high-value assets. For instance, in addition to protecting your assets, a prenuptial agreement can protect you from taking on your spouse’s debts if you get a divorce.
This type of agreement can also clarify both of your financial responsibilities and rights during your marriage. Furthermore, you can use the agreement to spell out how you plan to pass down property if you die. A major advantage of putting together a prenuptial agreement is that it can help you and your spouse to avoid costly, lengthy disputes during divorce.
What happens if you do not put together a prenuptial agreement?
If you fail to create this type of agreement prior to getting married, your spouse will end up legally owning any property you personally acquire over the course of your marriage. Along the same lines, you can expect your spouse to get some of your assets upon your death, even if you would prefer to pass them to your child from a prior marriage, for example.
In addition, you may become liable for debts that your spouse accumulates while you are married. Furthermore, your spouse can have a say in the management of the property you acquire during your marital union. The benefit of a prenuptial agreement is that you craft it to achieve your unique goals, which may mean deviating from state divorce laws.
What role does the court play in prenuptial agreements?
Courts today analyze prenuptial agreements carefully. If a judge in Maryland, during a future divorce proceeding, determines that your agreement is unclear, unjustifiable, unfair or fails to meet the state’s requirements, he or she will set it as said. For this reason, it is critical that you and your spouse properly draft one with the assistance of a family law attorney.