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Many people assume that a prenuptial agreement is something reserved only for the wealthy. When a celebrity or wealthy person marries someone who is not, that person does not want to lose a big portion of what she or he has. Financial situations like this are a common reason to enter into a prenuptial agreement but your financial situation is not the only reason.
A couple may want to say for themselves who gets what if their union ends instead of leaving it to a judge they have never met. There are also situations outlined below where a prenuptial agreement is a good idea. If you are considering a prenuptial agreement before entering into marriage, a Houston prenuptial lawyer can provide the experience and guidance you need to make the right decision.
Situations That Warrant a Prenuptial Agreement
Although any couple, of course, can enter into a prenuptial agreement, there are some situations when a couple should give it serious thought. If you believe one of the following situations applies to you and your partner, a Houston prenuptial attorney is available to help you decide what to do.
- Large amount of assets. If there is a great disparity for assets between the two partners, they may want to use a prenuptial agreement to keep their property separate in the event of a divorce. This is a common reason people feel they need a prenuptial agreement.
- Previous marriage and children. If someone with an ex-spouse and children from a prior marriage passes away, that surviving ex-spouse will inherit a substantial portion of the deceased’s estate. With a prenuptial agreement, the new couple can make changes to that inheritance and ensure that the children, and not the ex-spouse, benefit most.
- Business owners. Without a prenuptial agreement, a divorce can result in your having to sell or split up your business. This can be particularly devastating if the business is a small or family-owned one. A prenuptial agreement can help ensure that a decision to end your marriage does not hurt your business or your partners.
- Special property. A partner may have property that is dear to him or her. A prenuptial agreement can protect such property and ensure that it is not involved in any divorce proceedings. The agreement can be useful when a spouse has certain property before getting married and then sells that property. Without a prenuptial agreement, the cash or proceeds from that sale will ordinarily become marital property and subject to division.
- Large amount of debts. If one spouse comes into the marriage with a lot of liabilities, it may be wise for the couple to decide that those liabilities stay with the spouse who entered into them. With a prenuptial agreement, the couple can ensure that a divorce does not put one spouse’s debts onto the other spouse.
Just initiating a conversation with your future spouse about a prenuptial agreement can be difficult. An experienced attorney can help you determine whether its benefits outweigh its costs for your situation. If you are considering a prenuptial agreement and are not sure whether you need one, contact a Houston prenuptial agreement lawyer at John K. Grubb & Associates, PC to discuss your options.
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