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The pros and cons of a prenuptial agreement

There are varying opinions when it comes to getting a prenuptial agreement. While some Texas couples who are about to get married believe that it can be a prudent document to create before a wedding, others see it as a bad omen for the relationship. Ultimately, the decision to get a prenuptial agreement is a personal one, and there can be arguments on both sides of the issue.

An advantage of a prenuptial agreement is that it may override community property laws. In states such as Texas, marital property is divided equally in a divorce. A prenuptial agreement can come in handy for those who have a successful business that they don't want to lose or want to protect other valuable assets. Another benefit is possible protection from being held responsible for a spouse's debt.

One potential downfall to a prenuptial agreement is the risk of giving up too many rights prior to a wedding. An individual may be thinking more about marital bliss and romance as opposed to the reality that the union could end. Additionally, it may be difficult to accurately predict how a couple's finances will evolve over time. Therefore, the agreement may not be adequate months or years into the future.

A prenuptial agreement may be a useful tool to help an individual protect his or her assets from being taken away in a divorce. Family law attorneys may be able to advise a client as to how property division is handled in the state where the marriage takes place. An attorney may also be able to advise a client as to how a prenuptial agreement may add further protection for high value assets or assets that may have sentimental value.

Source: Credit.com, "Should You Get a Prenup?", AJ Smith , August 29, 2014

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