Before a couple gets married, they can determine how issues will be decided if they end up getting a divorce. While most people don’t want to consider the end of a marriage before it has begun, a prenuptial agreement can allow a couple to determine issues that would normally come up in a divorce. These agreements can cover everything from asset division to spousal support.
In addition to the fact that nearly 50 percent of marriages end in divorce, there are other compelling reasons for having a prenuptial agreement. For instance, if one person has trouble handling money or one individual owns a business, it may be a good idea to decide how to handle these issues ahead of time.
In Texas, debt that accumulates during the course of a marriage is normally divided up during a divorce. This means if one person is bad with money and racks up a large amount of debt, the other individual may end up obligated to pay it off. A prenuptial agreement can help prevent this from being an issue. Additionally, a prenuptial agreement can allow people to avoid having to divide their business or business assets up if a marriage fails.
While most people are familiar with prenuptial agreements, there are actually both pre- and post-marriage agreements. Post-marriage agreements, also sometimes called partition and exchange agreements, allow individuals to put a limitation on spousal support. They are usually entered into after a major change in circumstances has taken place. A lawyer could explain the difference between the two types of agreements as well as their potential benefits. Additionally, a lawyer could also draft these documents or review them.