As you look forward to your upcoming wedding, divorce probably is the last thing on your mind. Unfortunately, however, around 50% of U.S. marriages ultimately end in divorce, and this percentage has remained constant for the past 30 years.
If you and/or your beloved have already accumulated some property or assets, FindLaw strongly suggests that you enter into a prenuptial agreement to protect these assets in the event your marriage ultimately ends in divorce. Keep in mind that Texas is a community property state, meaning that you and your spouse will need to divide your marital property 50/50 should you divorce. Establishing your separate property now via a prenuptial agreement can save you significant heartache in the future.
Common prenup provisions
Your prenup can cover any and all financial issues that either of you thinks necessary. Most prenups contain some or all of the following:
- A list of the assets and personal property that each of you brings to your marriage
- A specific provision stating that these represent your respective separate property
- A provision stating how the two of you plan to handle bank accounts, credit cards, retirement accounts, etc. during your marriage
- A provision stating how each of you intends to provide for any children you have by a previous relationship
As tempting as it may seem, you cannot include agreements of a personal nature in your prenup. For instance, you cannot include provisions on how the two of you will divide up household duties and chores. Nor can you include provisions on how you will make decisions regarding vacation or holiday destinations. Financial protections alone represent the purpose of prenups.