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Why parents may want their children to have a prenup

People in Texas who are getting married might want to consider a prenuptial agreement. In wealthy families, it may be the parents who are pushing the need for the agreement. The parents may be concerned about preserving family wealth and making sure that an ex-spouse does not end up with it in the case of divorce.

Unfortunately, their children may resist asking a spouse-to-be to sign an agreement. Therefore, it is best if parents raise the issue with the children when they are still teenagers or young adults. This helps children get accustomed to the idea of the agreement. Another reason to bring this up early is so that children will begin to get a sense of the scope of the family wealth. Full financial disclosure is one aspect of creating a prenup, and if parents do not discuss this with their children early on, this disclosure stage might be the first time the children realize the extent of the family wealth.

Talking to children about a prenup when they are young and before a future spouse is introduced also keeps the focus on the prenuptial agreement and its purpose rather than making it seem as though the parents have an issue with the spouse. Parents may also want to focus on the idea of the wealth as a legacy to protect and pass down to future generations.

A prenup may be particularly important in Texas since it is a community property state. This means that all the assets either person acquires in the marriage are considered shared property in the event of a divorce. A couple who is already married can create a postnuptial agreement. It may be best to do either of these with the assistance of an attorney because errors in the prenup or insufficient legal counsel could result in the agreement being declared invalid.

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