Texas law allows a couple to enter into their marital contract to outline each party’s financial obligations throughout the marriage. These marital agreements may be created either before or after the wedding and are respectively defined as prenuptial or postnuptial agreements. While having a pre or postnuptial agreement in place is a reasonable arrangement for couples at all income and asset levels, it is necessary for those with considerable resources.
You may want to consider getting a marital agreement for these reasons:
1. Wealth Management
You may be more financially secure than your partner. A marital agreement is often used to protect the future of businesses or other financial assets. This may include a family business, gifts, inheritance, and debt. A marital agreement can also be used to safeguard the partner who is financially weaker.
2. Planning for the Future
If you have strong religious or cultural beliefs that are important to continue upholding with your future children, then you can outline those important family expectations in a marital agreement. It’s an opportunity to clearly set expectations, and it can help a couple make future decisions even if the marriage ends.
3. Life is Uncertain
Your life is rarely predictable. People change and expectations may change too. A marital agreement set while you are both in a positive state of mind can help to avoid conflict if divorce becomes necessary. Your marital agreement can detail how assets are divided and things are handled. This can be especially important in relation to spousal debt, wealth, or inheritance.
Although a marital agreement cannot predict your future or prevent life’s uncertainties, it can prepare you for those risks and rewards. Lay the foundation for a successful marriage by providing security for both you and your new spouse.