Being newly engaged is an exciting time, but there are many legal and financial considerations to make with your soon-to-be spouse before walking down the aisle. These include whether or not one partner will take the other’s last name and which bank accounts will be joint versus separate.
Finances are often difficult to talk about, but the discussion is important. Here are some scenarios where it is a good idea to have a prenuptial agreement before getting married in Texas.
You have more assets than your fiance
Couples generally do not enter marriage with the thought that there is a high possibility of divorce. However, this is something that is crucial to consider. If you have more liquid assets or property than your soon-to-be spouse, having a prenup is strongly recommended. This will save you the headache of potentially having to shell out money that you earned before the marriage if you get divorced.
You have a family business
If you own a business that your spouse may become involved with, it is important to know ahead of time how to distribute the business in case of separation. For example, you might agree to keep the business in your family and for your spouse to relinquish any control after a divorce, or you might agree to sell the business and split the assets.
It is a good idea in general to have a prenup, but these are some scenarios where having one is especially imperative. If any of these cases apply to you, strongly consider signing