Prenuptial agreements are a useful tool for individuals who anticipate that someday they may need to end their marriage. A timely, honest and properly drafted prenup can help an individual avoid an acrimonious divorce by setting expectations well in advance of any trouble. Many Texas couples choose to utilize the prenup and ease their minds about potential issues during a breakup.
There are a few common elements of a good prenuptial agreement. One thing that can cause a prenup to be challenged in the event of a divorce is if one party says that he or she signed the agreement under duress. After the couple gets engaged, but well before the wedding planning begins, is likely the best time to draft and sign the document.
Honesty and transparency are also important for the success of the agreement. Each party will want to review his or her own financial history and fully and openly reveal the assets and liabilities. This way, no one can be accused of trying to hide assets away from the other partner at the end of the marriage. A prenup is typically used only to enforce financial agreements, so any provisions about child custody or marital roles are not likely to hold up in court.
By utilizing common best practices in drafting a prenuptial agreement, an individual may have a smoother transition during the divorce. In Texas, a prenup is a common tool used by couples all along the financial spectrum. Many individuals choose not to complete the document alone, but with the help of a lawyer with the knowledge and experience to create a solid contract.
Source: CNBC, “Here’s how to bulletproof your prenuptial agreement“, Scott Cohn, March 9, 2018