Think A Prenup Will Doom Your Marriage? Think Again…
While prenups have historically gotten a bad rap, more and more couples are signing them before they exchange vows. Here’s what you need to know about prenups in Texas.
Key Takeaways:
Prenups, or prenuptial agreements, are legal documents that outline what will happen to a couple’s assets and debts if they get divorced
Prenups are often considered a “divorce in advance” and can make the process much smoother, and potentially cheaper
Prenups must meet rigid guidelines to be enforceable
Protections exist to ensure one spouse does not get taken advantage of
If a couple is already married with no prenup, they have the option of signing a postnup - or postnuptial agreement
For decades, prenups have been thought of as tools that only exist to eliminate all remnants of romance within a marriage. Countless engagements have ended at the mere mention of the cursed document because of the widely-believed myth that getting a prenup means you don’t think the marriage will last. We are here to set the record straight. As divorce lawyers, it is our job to tell you just how important it is to consider getting a prenup. No, it’s not exactly romantic, but it’s also not the evil, greedy monster that society makes it out to be.In this blog, we’ll be telling you some of the most important things you need to know about prenups, including what they can and can’t do, and why it’s worth the time to consider getting one before you tie the knot!
What A Prenup Actually Is
The easiest way to describe a prenup - or prenuptial agreement - is a divorce in advance. Does having one always mean that you think your marriage will fail and end in divorce? Of course not. But, there are always risks with anything in life, so in getting married, you always run the risk of getting divorced. Maybe you don’t like to think about it, but it’s there. So what does it mean to get a divorce “in advance”? Essentially, it means both spouses know exactly what will happen if they do choose to end the marriage at some point. There is a clear road map to “who gets what” and in many cases - albeit not in every case - it should make a real divorce much cheaper because there won’t be any back-and-forth disputes over your assets and debts. Because Texas is a “community property” state, prenups can be even more valuable than they are in “equitable division” states. Community property laws state that all property and debts acquired during a marriage is jointly owned and divided equally upon divorce. However, “equal” division does not always mean “fair” division, which is why having a prenup can play such an important role in Texas marriages. Moreover, prenups are legal documents that require both parties to fully disclose their financial situation, or else it may not be considered legally valid (more on this later). So, it isn’t something that’s meant to “dupe” you or cheat you out of anything. Remember, you always have the option not to sign one, and you also have the right to be represented by legal counsel throughout the process (which you should!). However, in the same sense, you must be aware that what you are signing is a legally enforceable contract, and with your signature, you are acknowledging that you agree to its terms. Time and time again, we speak to clients who signed prenups years ago and now - for some reason - do not think they have to follow the terms of the prenup. Spoiler alert: you absolutely do! Do not sign a prenup that you don’t agree to and that has not been reviewed by your attorney.All in all, prenups can be greatly beneficial to both spouses in a marriage, as long as both are entering into it with agreement and understanding.
What A Prenup Is Not
Now, we’re going to dispel all the rumors about prenups that are not true. We have already touched on one - prenups are not tools meant to trick or cheat you. In order for a prenup to be legally valid, both parties must fully disclose all of their assets, liabilities, income, and debts. When one party does not fully disclose assets and expectancies, including their value, a court has grounds to invalidate the agreement. There are many other guidelines that prenups must follow in order to be legally valid. They include:
Prenups must be fair - If a court finds that a couple’s prenup is grossly unfair or one-sided to the point of being unconscionable, then it has grounds to rule it legally invalid and therefore unenforceable. Courts also ensure that the terms are not only reasonable at the time of the signing, but at the time it is enforced, too.
The timing must be reasonable - If the document was presented to one party right before the marriage, leaving them with little to no time to review it or get legal counsel, the court may invalidate it. This is commonly known as “signing under duress.” Both parties must have ample time to reflect and negotiate prior to signing.
It cannot contain anything related to illegal activity - If a prenup seems to encourage illegal activity or encourage divorce, it will not be enforceable.
It cannot dictate custody or child support arrangements - The court will always prioritize the best interests of the child, so prenups cannot predetermine anything related to child support or custody.
As you can see, contrary to popular belief, there are protections in place to ensure no one gets taken advantage of by a prenup. The goal of prenups is not to pad one spouse’s pockets while the other gets thrown by the wayside. However, it is important to understand what makes a legally enforceable prenup.
Why Those Prenups You Can Download Online Probably Won’t Cut It
Marriage is a pretty vague contract, when you really think about it - it’s the same for everyone. Prenups are different - they are unique to each couple and marriage. That’s why the online prenup templates that you can download to “skip the hassle” of working with an attorney probably aren’t going to offer you the protection you need. It is always best to seek a skilled divorce lawyer who can ensure your prenup will accomplish your goals and will be legally enforceable. Otherwise, you might as well not have one at all!
Tying The Knot Soon? We Can Help. Contact Hembree Bell Law Firm Today!
If you’re ready to start the prenup process, we are ready to guide you through it. Remember, waiting until the last minute before “Here Comes The Bride” is played to get your prenup together will not work out well. So, it’s best to take this step far in advance of your special day. If you’re already married and you wish you had taken the time to get a prenup - good news! You can always get a postnup - or post-nuptial agreement. Postnups are extremely similar to prenups in that they can alleviate financial tension by pre-establishing an equitable distribution of assets if you choose to end the marriage. However, they differ in that some other issues can be addressed, such as what happens to the marital property in the event that one spouse passes away. No matter whether you are confident in moving forward in the prenup or postnup process, or just need more information before you can make your decision, we are here to support you and help you face the future with peace of mind. Book your free consultation today to learn more about working with our award-winning team of Texas attorneys.