Why do I need a prenup?
Engaged Texas residents can benefit from developing a prenuptial agreement in many ways, even if they never get divorced.
Many people in Texas might still hold the view that prenuptial agreements are only for the rich and famous. However, that is far from the case in today’s society. In fact, new research from the American Academy of Matrimonial Lawyers seems to indicate that these marital contracts are becoming more and more popular.
As many as 62 percent of attorneys surveyed by the AAML say that they are seeing a jump in the number of couples seeking prenups. This spans all age groups, including millennials who are said to be less concerned with material possessions.
Prenup protections extend beyond tangible items
Bloomberg notes that many of today’s prenups include provisions for the protection of intellectual property. This may come in many forms from creative works like writing, art or music as well as software applications or future new business concepts.
Millennials seem to be leading the charge when it comes to seeking protection for these things.
Protection for treasured heirlooms
As Bankrate explains, a prenuptial agreement can also be used to establish ownership of precious things that may not necessarily have a high financial worth . For example, a rocking chair that has been in one’s family for many years could be clearly identified as belonging to that person only. If the couple ever were to divorce, these stipulations help to avoid arguments during a property division over these types of belongings
Remarriage benefits of a prenup
When a person gets married for a second or subsequent time, a prenup can be extremely valuable, especially if one or both spouses have children from prior relationships. Prenups can help to outline financial responsibilities for existing children during the new marriage. This may at times put former spouses at ease as well.
Estate planning with a prenuptial agreement
Whether in a first marriage or a remarriage, a prenup can be a valuable estate planning tool. Forbes explains that a marital contract can outline how assets will be allocated in the event that one partner dies. For a remarried couple, this may help to prevent challenges between the new spouse and the children of the deceased.
Difficult conversations are important
Many people do find that the thought of suggesting a prenuptial agreement can be difficult. However, Texas residents are urged to make this brave step in part so that they can feel confident about their ability to discuss any topic with their future spouse. Working with an attorney is always recommended as a great way to ensure that a prenup is valid, fair and comprehensive.