What are the benefits of a prenuptial agreement?
Georgetown residents looking forward to getting married should consider the ways that a prenuptial agreement can benefit them.
It was not all that long ago that a prenuptial agreement was considered only useful for very wealthy or famous people. That is no longer the case. Today, virtually any Texas couple can benefit from these marital contracts in a variety of ways.
Discussing important issues
Money can often be a factor that contributes to divorce. It can also be a topic that people have a hard time discussing. The process of creating a prenuptial agreement forces couples to talk about money before they get married. This in and of itself can actually be good for marriages.
According to the American Bar Association, this is the time for a full review of each person’s assets and liabilities. Topics such as how gifts and inheritances will be handled or who will assume primary financial responsibility for marital assets can all be ironed out when creating a premarital contract. Decisions can also be made about how to handle finances if one spouse is planning to stay home to raise children.
If a couple does eventually get divorced, financial losses may not be the only losses incurred. In this day and age, it is all too easy for a disgruntled spouse to do great damage to the other person’s reputation with just a few keystrokes, thanks to the power of social media.
ABC News reports that many of today’s prenuptial agreements include stipulations around what can and cannot be posted on social platforms during or after a divorce. There can be financial penalties, some as high as $50,000, for violating the terms of a social media clause. Spouses who pursue such compensation will need to be able to prove the damage done, such as a negative effect on the person’s business or career.
Remarriages and estate planning
As many people today are getting married for the second or third time, special issues can arise when it comes to estate planning. Bankrate outlines that a prenuptial agreement can be a useful tool via which couples can preserve certain belongings or assets for their biological children. This can help families on both sides to embrace the new marriage and prevent arguments or other issues down the road.
Getting the right help matters
Ensuring that a prenuptial agreement is properly created is essential to having it be enforceable if and when needed. For this reason, Texas couples should always talk to a lawyer when considering these contracts.