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Premarital Agreements: Let Our McKinney Divorce Lawyers Help
Premarital agreements can serve a variety of different purposes. From establishing rules regarding family finances to ensuring stability and continuity for a privately-held business, premarital agreements offer numerous benefits, and there are far more reasons to sign a “prenup” than preparing for the prospect of a divorce.
In fact, in many circumstances, signing a premarital agreement can have benefits for both soon-to-be spouses. Entering into a premarital agreement doesn’t have to be – and shouldn’t be – a contentious endeavor. With a clear picture of both individuals’ goals and priorities, entering into a prenuptial agreement can be a fairly straightforward process, and it can provide much-needed peace of mind for years, if not decades, to come.
Common Provisions in Premarital Agreements
There is no such thing as a one-size-fits-all premarital agreement. Your agreement needs to be tailored to your unique family and financial circumstances, and it should address the specific issues that are of concern to you and your fiancé. That said, there are certain provisions that are commonly used in prenups, and looking at the list can help you decide which types of provisions might be right for you. Some of the most-common premarital agreement provisions address issues such as:
- Ownership of property owned prior to the marriage (either confirming its status as “separate” property or agreeing that it should be treated as “community” property);
- Ownership, management, and control of a privately-held business owned prior to the marriage;
- Responsibility for debts incurred prior to or during the marriage (including credit card bills, mortgages, car loans, student loans, and other outstanding liabilities);
- Responsibility for paying monthly bills, savings targets, and limits on discretionary spending during the marriage;
- Specifics regarding filing status, deductions, and other issues for your tax returns;
- Ownership of property and life insurance proceeds in the event of an untimely death of either spouse;
- Financial support and inheritance rights for children from a prior relationship;
- Rights to retirement assets and distributions, use of individual and joint bank accounts, and other financial matters; and,
- Methods for resolving disputes when you are unable to agree on financial matters or other decisions of significant importance.
One issue that generally cannot be addressed in a premarital agreement is the issue of child custody in the event of a divorce. All child custody decisions must be made in the best interests of your children, and these interests must be assessed at the time of divorce (should the need eventually arise).
While our McKinney divorce lawyers would encourage everyone to make an informed decision about whether to enter into a premarital agreement, there are certain circumstances in which signing a prenup can be particularly important. For more information, we encourage you to read: Should You Consider a Prenuptial Agreement?
Learn More From Our McKinney Divorce Lawyers During a Free, Confidential Consultation
If you would like to speak with an attorney about preparing a premarital agreement, please contact us to arrange a complimentary initial consultation. With offices in McKinney, we represent clients throughout North Texas. To schedule an appointment, call us at (214) 726-1450, or send us a message online and we will respond as soon as possible.