A prenuptial agreement allows for people preparing to marry a way for their assets and debts to be divided in the event of a divorce. Important topics such as spousal support may also be covered in a prenuptial agreement. As we will see, even the day-to-day expenses of marriage are relevant in a prenuptial agreement. In short, all things financial in a marriage if fair game in your prenuptial agreement. The circumstances of your life determine how your prenuptial agreement can be drafted.
Why draft a prenuptial agreement?
In short, peace of mind is a huge advantage and factor when it comes to prenuptial agreements. Many people have significant concerns about marrying. The idea of giving up autonomy in your life to another person leads many to delay or avoid marriage. This does not have to be your reality. The prenuptial agreement puts you in a position where planning for your marriage is possible.
Having different expectations than your spouse in the marriage can be disastrous. Understanding your roles differently puts many people in a position where a divorce becomes more of an option. By drafting a premarital agreement, you avoid unnecessary surprises in marriage.
What sort of concrete discussions have you had with your spouse-to-be? Have you spent more time planning your wedding reception than talking about finances, children, and other expectations? If so, then you are not alone. With that said, it pays to have a plan when it comes to working through these issues. A prenuptial agreement can be that plan for your family.
Creating a prenuptial agreement
A prenuptial agreement allows you and your fiancé to take advantage of protections for yourselves and your finances. Simply going through your finances in a detailed fashion allows both of you to understand more about one another and your situation. We just discussed how many people avoid or never have these types of discussions. That does not have to be the case. Instead, working with an experienced family law attorney allows these types of discussions to be had sooner rather than later.
Are you thinking more and more about a prenuptial agreement? Do not know where to begin? Rather than worrying why not create a plan? The attorneys with the Law Office of Bryan Fagan have the plan that you need to move on with your marriage. That doesn’t mean jumping into a marriage without thinking. Rather, you can create a game plan for yourself and your relationship that prepares you for unforeseen events.
Contact the Law Office of Bryan Fagan today for a free-of-charge consultation. These consultations are available with an experienced family law attorney. There is no substitute for good advice in a time like this. We can represent you while drafting a prenuptial agreement. Our attorneys are skilled at working through complex scenarios and helping couples arrive at equitable solutions.
Drafting a valid prenuptial agreement in Texas
As with any contract, some requirements must be in place for your prenuptial agreement to be valid. At the end of the day, you need your document to be enforceable in court. If not, then the prenuptial agreement is not worth the paper that it is printed on. With that in mind let us consider the requirements for a valid prenuptial agreement in Texas.
First, both you and your fiancé must disclose all relevant financial information to the other person. Next, there must be an indication in the document that both of you agreed with full knowledge and consent of what is included in the document. Finally, both you and your fiance must sign the document and have it notarized.
Clear and concise language is important. Trying to draft a prenuptial agreement that looks like something out of Shakespeare is not prudent. Ultimately, a practical prenuptial agreement allows both you and your fiancé to have a document that is functional and understandable. Anything less does not function well and threatens to be unenforceable by a family court judge in the future.
What can happen if you don’t have a prenuptial agreement?
Everyone knows that our actions or inactions have consequences. Getting married in Texas means being intentional about who you are marrying. However, the details surrounding your fiancée’s financial life are also critical. It does not take an expert to understand that a spouse bears at least some responsibility for the actions or inactions of their partner. With that said, working through a prenuptial agreement helps avoid problems in this regard.
One thing to bear in mind about a divorce is that there is a great deal of uncertainty regarding the outcomes of a case. With so many moving pieces and factors to consider you and your spouse cannot be sure about how the case will turn out. Specifically with finances, there are a wide range of options and outcomes which are possible.
With that backdrop limiting as much doubt should be your goal. A prenuptial agreement. Being able to look at your prenuptial agreement as a road map helps. The prenuptial agreement prevents the two of you from becoming sidetracked and instead places the focus on one another in any relationship. These agreements are highly beneficial to couples of all ages and backgrounds.
Voiding or doing away with a prenuptial agreement
A prenuptial agreement takes time and effort to draft. An experienced family law attorney is a great resource to have when it comes to drafting this important document. Attorneys, such as those with the Law Office of Bryan Fagan have experience working with people over many years. We understand and have seen what works for families and what does not. That expertise is important when you are drafting a document like a premarital agreement.
The most direct way to do away with your prenuptial agreement is simply by agreement with your fiancé or spouse. Both of you can choose to tear the document up. At this time you may decide that drafting another prenuptial agreement is in your best interest. Or simply not drafting another document is also a possibility. After the time and energy put into drafting the initial document, you and your spouse should consider your options before doing something like this.
A second way to dissolve a prenuptial agreement is through a court. During a divorce proceeding a family court judge may determine that your prenuptial agreement is invalid for several reasons. This can be true for the entire document or simply for portions of the document. Whatever the case may be, you need to be prepared to have your document judged by a family court. This places a heavy emphasis on creating a document that is straightforward and well-drafted.
Beginning the discussion of drafting a prenuptial agreement
Admittedly, initiating this discussion can be awkward depending upon the nature of your relationship with your fiancee. For instance, do you and your fiance frequently have difficult or involved conversations? Many of us have that type of relationship with our significant other. The two of you may, in a regular course of business, talk to one another about subjects like this. In this case, a conversation about a prenuptial agreement will not be anything out of the ordinary. Rather, this will be a more run-of-the-mill type of conversation. In which case he will be well suited to begin talking about this subject.
On the other hand, when you are not used to these types of conversations it will take some consideration to begin. You may catch your fiance off guard when you attempt to discuss issues related to a prenuptial agreement. He or she may have no idea why you want to do this. If they are understanding of a prenuptial agreement is like many of ours then he or she may even be suspicious of your intentions. This requires you to be as diligent and thoughtful as possible when it comes to these subjects. Jumping right into the conversation might not be the right way to go. Rather, taking time to explain yourself is a more prudent approach.
Finding help for your prenuptial agreement
Do you have particular circumstances in your life that you know will make it difficult for you to bring up this subject with your significant other? In that case, it is worth your while to discuss the issues with an attorney at the Law Office of Bryan Fagan. Our experienced family law attorneys know how difficult a conversation this can be. As a result, we have the experience it takes to not drive your partner away. Schedule a free-of-charge conversation with one of our attorneys to learn more about this process.
The importance of hiring an attorney
An attorney is worth their weight in gold during the negotiation of a prenuptial agreement. The simple truth is that you may have a great idea of your circumstances. However, understanding how the raw uses your circumstances is a different matter altogether. On top of that, how the two interact is an even more complex scenario to find yourself in. The last thing you want to do I spend a great deal of time negotiating through a subject only to find that mistakes were made.
It is easy to overlook small details in a complex case. This frequently arises in situations where spouses are on a second or third marriage. Trying to account for various circumstances involving multiple pieces of property is not easy. Likely, a great deal of planning goes into this negotiation process. To position yourself as well as possible contacting an attorney makes a great deal of sense.
Another point to make is that you and your significant other need to each be represented by an attorney. A lawyer should not represent both you and your significant other in these negotiations. This allows both of you to have someone in your corner who is capable of advising you on these important subjects. Think through all of the important financial matters in your life. Also, consider the future goals and aspirations that you have. This all relates to planning in a prenuptial agreement.
Considerations for small business owners
Small business owners are the backbone of our economy. Even in Texas, where many large corporations are based, small businesses represent a significant portion of our local economy. Therefore, it should be expected that many of you reading this blog post either own or are employed by a small business. For small business owners, the effort put into creating your small business represents a lifetime of work and sacrifice. With that said, the planning around divorce and small business is anything but optional.
Rather, begin thinking about your small business in the context of a divorce during the prenuptial agreement negotiation process. It is unrealistic to expect that you’ll negotiate everything related to your small business in a short amount of time. The divorce is a large amount of information condensed into a small space. With that said, the more you can negotiate before a divorce the better off you will be. Negotiating A prenuptial agreement may even encourage you to be more intentional with your small business overall. Talk with your financial advisor and any other professional you are working with to better plan the future of your small business.
Consider especially any equity that your significant other has already put into the business. For instance, even though he or she may not be an official owner your significant other may have contributed to the growth of the business. With that said you can determine any equity he or she has beforehand. Negotiate on this now So what will not become an even larger issue upon divorce? The same principle applies to debt. It may be that you want to shield your significant other from any debts accumulated and grow your business.
The importance of drafting a prenuptial agreement
Much of the discussion surrounding prenuptial agreements focuses on the negotiations themselves. This is understandable. However, when it comes to prenuptial agreements a great deal of focus should also be on the document created. When you and your significant others successfully negotiate an agreement time and attention need to be paid to the language included in the draft. The last thing you want is to negotiate a well-thought-out premarital agreement only to find that the language contained in the agreement is insufficient.
Ask yourself: why are we dropping this agreement in the 1st place? Ultimately, a prenuptial agreement seeks to protect parties from the negatives of a divorce. This includes prolonged and difficult negotiations. However, to reap those benefits an agreement must be well written. Poorly drafted premarital agreements are not worth the paper that they are printed on. Going through a negotiation on premarital property is only half the battle. The other portion you need to consider is the draft language itself.
For that, reaching out to an experienced family law attorney is the best way to go. The attorneys with the Law Office of Bryan Fagan know how to create premarital property agreements that are enforceable. This is what you need to focus your attention on as you begin this process. Speaking with one of our experienced family law attorneys allows you to gain a better understanding of not only the negotiation process but also the drafting process of an agreement. Our attorneys have an eye for detail and focus on potential benefits for your family.
Final thoughts on negotiating prenuptial agreements
without question, the process of negotiating prenuptial agreements is complex. There are a range of considerations that go into this process. Emotional and relational issues arise. These negotiations may be the first discussion you and your fiance have had about this subject matter. All of this adds up to a potentially difficult set of circumstances For negotiations.
However, that does not mean it is not worth your while to negotiate on these subjects. Rather, taking the time to negotiate a premarital agreement could be the best thing you and your fiance could do for yourselves. Setting yourself up for marital success means being transparent and honest with the other person. Likewise, drafting an enforceable premarital agreement means being transparent and honest with the other person. There is no substitute for a thorough discussion with your significant other on the issues that matter most to both of you.
Thank you for choosing to spend part of your day today with the Law Office of Bryan Fagan. Our experienced family law attorneys take pride in serving our clients. We are not only skilled at representing clients in the courtroom but also at the negotiating table. A pre-marital property agreement provides families with a great deal of benefits. However, this does not mean that there aren’t potential potholes worth avoiding. For that, reaching out to our attorneys is a great first step for you and your family.
Questions about the material contained in today’s blog post? Contact the Law Office of Bryan Fagan
If you have any questions about the material contained in today’s blog post, please do not hesitate to contact the Law Office of Bryan Fagan. Our licensed family law attorneys offer free-of-charge consultations six days a week in person, over the phone, and via video. Interested in learning more about how your family is impacted by the material in this blog post? Contact us today.
Evan Hochschild was raised in Houston, TX and graduated from Cypress Creek High School. He went on to graduate from Southwestern University in Georgetown, TX with an undergraduate degree in Political Science. While in college, Evan was a four-year letterman on the Cross Country team.
Following in the footsteps of his grandfather and uncle before him, Evan attended law school after he completed in his undergraduate studies. He graduated from St. Mary’s University School of Law and has practiced in a variety of areas in the law- including family law.
Mr. Hochschild is guided by principles which place the interests of clients first. Additionally, Evan seeks to provide information and support for his clients with the heart of a teacher.
Evan and his wife have four small children together. He enjoys afternoons out and about with his family, teaching Sunday school at his church and exercising. A veteran attorney of fourteen years, Mr. Hochschild excels in communicating complex ideas in family law simply and directly.
