Prenuptial agreements often get a bad reputation. Many people would go as far as equalling them to a prelude to divorce papers! However, many couples decide to create a prenuptial agreement even if they firmly believe that their marriage will last. This discrepancy can be attributed to the fact that popular opinions about this subject often vary greatly from reality. Let’s dispel the most prevailing myths relating to prenuptial agreements:
Myth 1: If Your Future Spouse Wants a Prenup, They Can’t Be Trusted
The reason why many people would say that requesting a prenuptial agreement should be met with skepticism and distrust is that popular opinions associate them only with divorce. However, a prenup can serve other purposes that are completely unrelated to the dissolution of marriage. For example, a prenuptial agreement can help both spouses create and execute an effective estate plan. Additionally, some couples prefer to keep their finances separate and clearly define whose personal assets will be used for certain kinds of expenditure and purchases. Many prenups are created because the couple have children from previous relationships, and they want to identify their separate assets to provide financial support or specificity for their children when they die. Such details can be arranged by the means of a prenuptial agreement – and it doesn’t have to spell divorce.
Myth 2: If You Don’t Have a Lot of Money, You Don’t Need a Prenup Anyway
While it is true that prenuptial agreements can help couples with large individual wealth and personal assets manage their wealth better once married, virtually any kind of asset can be included in the prenup. This includes personal items – even if their market value isn’t considerable – or pets. The prenup can simply be a tool for identifying assets that belonged to each person prior to marriage, so that upon their death, their beneficiaries don’t have to guess what belonged to whom.
Myth 3: All Prenups Are Equally Enforceable
Some think that any kind of provision or arrangement a couple decides to put in their prenup will be enforceable. However, Texas Family Code provides strict requirements with regards to prenuptial agreements and failing to take them into consideration while creating a prenup may render the agreement null and void. In order to ensure that your prenup agreement will be legally valid, you should definitely involve a lawyer.
Fraser, Wilson & Bryan, P.C. are experienced family law attorneys with detailed knowledge of Texas Family Code. Do not hesitate to schedule a consultation with one of our attorneys if you and your future spouse have some further questions with regards to prenuptial agreements or if you are grappling with a family law issue of another kind.
