Marriage is wonderful but also poses a significant risk. Tying the knot is a lifetime deal. It means sharing all your property, the ones you own now, and everything you will acquire henceforth.
There seems to be a legal remedy for every possible risk nowadays. For those who want to have a safety net, they can resort to having prenuptial agreements.
Reasons for Prenuptial Agreements
Prenuptial agreements can cause drama– usually when there is a disparity of social class between the prospective husband and wife. However, when the prenuptial agreement is accepted, for most couples, it was nothing more than an awkward moment. In some cases, a prenuptial agreement may even be a relief.
Some of the most common concerns that lead to a prenuptial agreement are:
- Division of property
- Protection of the separation of property
- Increase of the value of their property during their marriage
- Income or wages
There are also prenuptial agreements that would have guaranteed alimony, and conversely, agreements that both sides would not demand alimony.
One of the reasons why more millennial couples are entering prenuptial agreements is that these couples enter marriage at a later age when they already have accumulated personal assets. Most of the time, the prenuptial agreement is a mutual decision, and they have actually formulated the contract together.
Checklist for Prenuptial Agreement
An invalid prenuptial agreement can be stricken down. In Texas Law, they would advise couples that their prenuptial agreement would have the following components:
- It should be a written document; Cannot be added in the personal vows at the wedding or recorded as a video.
- Requires both parties to willingly devise this agreement on their own volition.
- The contents of the agreement should be fair and impartial to both parties.
- Drawn up in the presence of a witness or anyone with legal authority.
- Both parties should be given the chance to consult their respective attorneys if they so desire before the agreement is made official.
- It is also essential that both parties in the marriage should be transparent with their financial information. There should be full and fair disclosure.
Prenuptial agreements are now part of married life, but they would also not be deterrents against divorce. It would only bring clarity to some details.
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