Why should I sign a prenuptial agreement?

On Behalf of | Aug 31, 2017 | Property Division

Where the 1970s saw couples getting married for romantic notions-eight out of 10 people were married by the time they were thirty-years-old. Today, the reasons couples tie the knot have changed, as practicalities have entered the picture. With the same percentage of people now not getting married until they are 45-years-old, it seems like people are waiting until they are financially secure. This means by the time these couples are getting married, they have substantial careers or businesses that they want to protect.

This is perhaps why more and more people are choosing to sign prenuptial agreements

. Spouses in Texas and elsewhere are trying to protect the assets they have accumulated. In addition to this, one never knows when their idea of a new app on a smartphone or online business turns into a runaway hit, giving an onslaught of sudden wealth. People have begun looking at prenups not only as a way to protect their money but also their ideas.

Not only is it a way to protect ideas, assets and finances, its also emerged as a way for marrying couples to separate their debts from one another. With 41 percent of couples carrying student loan debt in 2013, compared to only 17 percent in 1989, couples are using prenups as ways of saying ‘this is your debt and this is who will deal with it if the marriage does not last’.

Couples are using prenuptial agreements in novel ways, all with the same purpose in mind-to protect one’s financial health in case of a divorce. It can become a way to take property division

decisions out of the court’s hands and put it back in the couple’s hands. Those considering a prenuptial agreement or are dealing with issues related to a current prenup should take the time to become fully aware of their situation and options.