Prenuptial agreements have had a negative connotation for the many years they have been in existence. Despite the fact that they have been heavily scrutinized, prenuptial agreements have many more uses than only protecting the wealthy.
Background on Prenups
Prenuptial agreements are official terms that a couple sets as the property rights for their marriage. Prenuptial agreements are known as “prenups” and have a wide variety of uses other than just protecting one’s assets. Prenups can protect one partner from assuming the debts of the other spouse and decide where certain property goes in the unfortunate passing of one partner. Prenups also assist in avoiding long and costly disputes for property in the case of a dispute. Throughout history, prenups have been viewed negatively because they were seen as a legal contract that a wealthy individual could coerce his or her spouse into agreeing to. However, things have evolved, and in today’s world, divorce and prenuptial agreements are fairly common. Additionally, the modern thought surrounding divorce and prenups has taken steps into becoming more balanced for women. Despite the idea that prenups are made by only the couple, courts do serve a role in reviewing the agreement. When a court inspects an agreement, they want to see an agreement that is justifiable and understandable for both parties. In the case that it does not meet the court’s requirements, the prenup will not go through.
What Happens if a Prenup is Not Signed?
In addition, in the case that the couple does not have an agreement, they must follow the family state laws that are applicable to them. These laws will determine how the property will be distributed among both parties in the specific state they live in. In the case a prenuptial agreement was not signed, Texas law commonly follows separating property equally. If the property was obtained during the marriage it will become community property. Income, salary, benefits, and savings are subject to the just division that will take place after a divorce. The salary earned throughout the course of the marriage is commonly a topic of dispute in separations.This includes investments made throughout the marriage that could potentially pay returns after the separation. If the returns received from the investments were reinvested throughout the course of the marriage, it will most likely become community property.
Prenuptial agreements have been scrutinized because of the history behind them. Despite this, prenups have ultimately become commonplace and are used to govern the division of property between spouses. Contact a prenup lawyer, like a prenup lawyer in Arlington, TX, for more information on prenuptial agreements.
Thanks to Brandy Austin Law Firm, PLLC, for their insight into prenuptial agreements.