Understanding a Prenuptial Agreement

A prenuptial agreement (also known as an antenuptial agreement or prenup) is a signed and notarized agreement made by a couple before marriage that must be signed and notarized and addresses issues regarding finances and possession of property along with other assets that are taken into the marriage and later obtained during the marriage either individually or jointly, as well as the couples future earnings, and how such property or assets will be distributed in the event of divorce or death.

A prenup can help protect the funds either spouse may have saved for a child’s college education or their own retirement, prior to the marriage. Having this prenuptial agreement drawn up before the wedding can save you time, emotional trauma and of course money of the marriage happens to fail. Sit down with your partner and make a list of all assets. Each partner should hire their own attorney to prevent a conflict of interest- this will prevent any allegations of fraud if the marriage ends in divorce. If either party has children from a previous marriage, clarify their property rights and how they will be supported, both during the marriage and in case of death or divorce. The attorneys co-write the prenuptial agreement with the clients best interest in mind. The agreement should be signed in triplicate, each partner getting an original copy with the third copy being kept with an independent lawyer, CPA or in a bank safety deposit box.

Although many couples might not find signing documents such as a prenuptial agreement to be very romantic, if either you and/or your fiancé have been divorced, you probably already know how valuable a prenup can be. Couples with significant assets or those with children should consider having an attorney draft a prenuptial agreement or, downloading prenuptial agreement forms online. Couples without a prenup will have their assets distributed for them by the state if the marriage ends and they disagree about who should get what. Without this important document, you are allowing your financial future to be determined by a judge or your state in divorce court. Discuss prenup possibilities with your partner, communication is key on any relationship, so begin to strengthen this skill now by talking about difficult decisions prior to marriage.

At consulting interviews with couples I always ask many questions and offer free forms for wills, domestic partnerships and power of attorney for finances and medical decisions- while this can be uncomfortable for couples to consider, as a counselor through Twogetherintexas, it is something that certainly needs to be addressed prior to the commitment of marriage and, I do so for couples to protect their futures and those of children.

I do hope that discussing something as uncomfortable as a prenup has answered your questions and welcome your comments.

Reverend Wendy Wortham
Texas Twins Events LLC