Are Prenups Worth It?
You might wonder if a prenuptial agreement is necessary. The answer is often yes. Prenups aren’t about expecting the worst—they’re about preparing for your future. Here are three key reasons to consider getting a prenup before you say, “I do.”
1. Identify and Protect Your Separate Property
A prenup clearly outlines what belongs to each of you before the marriage. Most people come into a marriage with something of value, whether it’s savings, a car, or a retirement account. In Texas, separate property can easily get mixed with shared property during a marriage, making it harder to sort out if the relationship ends. A prenup helps protect the things you bring into the marriage, keeping them clearly defined as your own.
2. Preserve Growth on Your Assets
Without a prenup, the increase in value of your assets during the marriage is often considered shared property in Texas. For example, if you have a retirement account that grows while you’re married, part of that growth could be considered community property. A prenup can help keep that growth separate, so you don’t have to hire expensive experts later to figure out what belongs to whom.
3. Decide How to Handle Income
In Texas, income earned during a marriage is generally considered shared property. However, some couples prefer to keep their income separate. A prenup allows you to agree on how income will be handled during the marriage, giving you both clarity and control.
When to Start the Process
The best time to discuss a prenup is as early as possible—even before you’re engaged. Just like you’d talk about whether you want children or how you envision your future together, financial topics should be part of these early conversations. Starting early gives you time to approach the topic calmly and openly without feeling rushed.
If discussing finances feels awkward, consider bringing it up during pre-marriage counseling or with the help of a trusted advisor, such as a counselor or religious leader. Addressing these issues in a supportive setting can make the conversation smoother and less stressful.
Avoid waiting until the last minute. Finalizing a prenup close to the wedding day can lead to unnecessary pressure and potential challenges later. It’s also crucial for both partners to have legal representation to make sure the agreement is fair and stands up in court. By tackling this process early and thoughtfully, you set a positive tone for your marriage.
Why a Postmarital Agreement Might Be Needed
In Texas, there are situations where a postmarital agreement can strengthen or clarify the terms of your prenup. For instance, certain assets, like retirement accounts, cannot change their character, from community to separate, until after you are legally married. A postmarital agreement allows you to reaffirm the terms of your prenup and address these specific issues.
This postmarital, also called partition agreement confirms your intentions, such as keeping retirement accounts or other assets separate, and makes sure everything is properly documented. Having both a prenup and postmarital agreement can provide added protection and reduce the risk of disputes if questions about your property arise in the future.
For More Information Contact an Experienced Dallas Family Law Attorney
A prenup is an important document that can protect your future and give you peace of mind. At Paula Lock Smyth Law Offices, we’ll guide you through the process of creating a prenup that works for both of you. Call us today at 214-420-1800 to schedule a consultation. Our office is located at 2911 Turtle Creek Blvd., Suite 300, Dallas, TX 75219.
Paula Lock Smyth has practiced law in Texas since 1985, focusing on Family Law, Probate, Mediation, and Collaborative Divorce. She is a trained mediator, seasoned litigator, and one of the early adopters of Collaborative Divorce in Texas. Paula is a member of the State Bar of Texas, the College of the State Bar and the Texas Bar Foundation and has served as Past President of Dallas Lawyers Concerned for Lawyers. She was a Master in the Annette Stewart Inn of Court and is a Charter Member of the Collaborative Law Institute of Texas. Her legal knowledge and decades of experience make her a trusted voice on matters that impact families across Dallas and surrounding counties.
