In marriage, as in so many other areas of life, there is wisdom to be found in the old adage “an ounce of prevention is worth a pound of cure.” In the case of marriage, the benefits provided by a prenuptial agreement (prenup) can ensure that Texas spouses are not financially ruined in the event of a divorce. Having this contract in place is well worth consideration, and even couples who are already married can draft a postnuptial agreement, which will serve the same essential purpose.
Many people shy away from discussing a prenup or postnup with their partner, for fear that the topic will give the impression that there is a lack of confidence in the relationship. However, these contracts are little more than savvy financial planning tools, and are in no way indicative of relationship troubles. That said, putting one in place while the marriage is healthy and happy is a far easier task than broaching the subject after there have been challenges within the marriage.
Beyond the financial protections offered, sitting down with one’s partner and drafting these agreements gives couples a chance to discuss their financial goals in depth. This can help them to create a plan for their future, and can also clarify how each partner wants specific assets to be handled in the event of a divorce. For older couples who have children from another relationship to consider, this can be an important issue.
In short, there is no better time than the present to broach the subject of a prenup or postnup. In the event of a Texas divorce, especially a divorce that comes later in life, this contract can ensure that each spouse is treated fairly. It can also enable both parties to move forward with a degree of financial stability.
Source: The Missourian, How to Ensure Divorce Won’t Wipe You Out Financially, No author, Oct. 7, 2013