An engagement is a time of joy. You and your loved one have decided to marry, to promise to spend the rest of your life together. You share this happiness with your family and friends, and start to plan your wedding.
Something that you do not want to think about is the chance that your marriage will end. Unfortunately, in the United States, including the Houston, Texas, area, about half of all marriages end in divorce. Many divorces get ugly. There are countless things to discuss and consider such as property division, which can have a serious impact on your future. Many Americans have begun to take a proactive approach to the chance that a marriage will end with a divorce and create a prenuptial agreement, often called a prenup.
A prenup can be used to protect your estate plan, keep property in the family and state the intentions for children born outside of the marriage. It can also be used to establish financial decisions during a marriage, such as who handles the finances, how checking and savings accounts are handles, who pays the bills and how incomes are handled in the marriage, and even how money is spent.
It may be an uncomfortable conversation to have with your soon-to-be new spouse, but considering a prenuptial agreement can help prevent serious disagreements and headaches down the road if your marriage fails and ends in divorce. You can help prevent many disputes including real estate concerns, business assets, retirement plans and many other financial matters by making financial decisions now, while your relationship is healthy.
Source: findlaw.com, "What Can and Cannot be Included in Prenuptial Agreements," Accessed June 12, 2017