Prenuptial agreements are vital for those with assets

On Behalf of | May 11, 2020 | Firm News |

Texas is a community property state, which means that there is a presumption that property will be evenly split in a divorce. This increases the risk for someone who is bringing property into the marriage. When this includes a business or inheritance, the person may lose much of what they previously had. This is why a prenuptial agreement is vital. These assets can be protected.

The prenuptial agreement can take certain property out of the marital estate when it comes to a divorce by specifying ahead of time what happens to assets if the marriage ends. This gives some certainty and can keep assets in the hands of the spouse who owned them before the nuptials. Without the agreement, there can be expensive and contentious litigation. However, even fighting in court may not protect a spouse from the community property rules.

Those who want an exhibit of the perils of not having a prenuptial agreement can look to the richest man in America. Jeff Bezos did not have a prenuptial agreement prior to marriage. When he got divorced, his ex-wife received tens of billions of dollars of stock in Amazon. While discussing a prenuptial agreement is a difficult topic to raise, it is well worth it given the consequences. Some negotiation now could prevent a large loss later.

A divorce attorney may be helpful when it comes to negotiating a prenuptial agreement. The attorney might help draft a version of the agreement for the other future spouse to consider. The attorney may handle the negotiation so that the spouses do not have to talk to each other directly. This might prevent them from having a dispute that could put a strain on their relationship before they are even married, making it worth the investment.