A prenuptial agreement can help you plan for your future and protect yourself when entering a marriage. You can settle several essential issues in one of these agreements and save yourself from future expensive litigation costs.
There are legal requirements that you must follow when entering a prenup. A West Lake Hills prenuptial agreements lawyer could help you draft an equitable contract that meets all necessary legal standards. If you have questions about these documents, speak with one of our marital agreement attorneys.
Why Do Couples Enter Prenuptial Agreements?
There are several reasons for why couples may choose to sign a prenup. Some of the common reasons why individuals enter these contracts include:
- Protection of certain property
- One or both of the parties have significant debts
- The parties have vastly different economic circumstances
- The parties have children from a previous marriage
For example, suppose one party has children from a previous marriage. In that case, that individual may be concerned about their children’s ability to inherit assets or the risk of losing assets in a divorce, therefore depriving their children of family wealth. Entering one of these agreements could provide peace of mind for the parties and possibly other family members. A West Lake Hills attorney could draft a prenuptial agreement that addresses some of these issues.
Terms in a Prenup
A premarital agreement cannot address every single issue that the parties would have to negotiate or litigate in a divorce—child custody and child support terms, for example, cannot be addressed in a prenup. However, there are several matters that one of these documents could resolve, saving the parties time and money if they choose to end their marriage. One of the significant benefits is that the parties can decide how to divide their property.
A prenuptial agreement can also determine whether one party must pay alimony to the other. Other factors, including specific estate planning considerations, payment of attorney’s fees during a divorce, life insurance policy beneficiary information, and the choice of law that will govern the contract, can be added to the agreement as well. It is important to note that there are specific requirements that these contracts must meet for a court to uphold a prenup. These contracts are only enforceable when they are:
- Signed and in writing
- Executed in the contemplation of marriage
- Signed voluntarily
- Not unconscionable
- Signed with full knowledge of the other party’s assets
A West Lake Hills could draft one of these prenuptial agreements so that it meets the parties’ needs and legal requirements.
Can Couples Change a Premarital Agreement After Marriage?
It is possible to change a prenuptial agreement after the parties are married. The parties may wish to enter a new agreement with different terms. If the parties want to enter a new agreement after taking their vows, that contract is called a postnuptial agreement.
If financial circumstances change drastically after getting married, individuals may wish to consider creating a postnup. For instance, if one spouse incurs a great deal of credit card debt, or if a party decides to open a business that could expose the other person to financial liability. Anyone concerned about the terms of their prenuptial agreement should contact a West Lake Hills lawyer.
Contact a West Lake Hills Premarital Agreements Attorney
If you plan to get married, consider discussing a prenuptial contract with your soon-to-be spouse. Although a prenup may not be the most romantic or fun aspect of wedding planning, it can provide a great deal of peace of mind to both parties.
With this contract, you can enter your new marriage with realistic expectations and an honest assessment of your soon-to-be spouse’s financial circumstances. Speak to a West Lake Hills prenuptial agreements lawyer about how one of these documents could protect you.
