When people in Texas think about prenuptial agreements, they may consider them to be matters for celebrities or the ultra-wealthy. However, prenups have benefits for many couples, even those who are just starting out in life. Many people think of prenuptial agreements as documents that benefit only the wealthier, more powerful party, but a properly constructed prenup can include provisions that provide important protections for both spouses, not only one at the expense of the other.
For example, students who choose to marry while completing college or university may be good candidates for a prenuptial agreement. These agreements address how assets will be divided and separated in case of a later divorce or even the death of one spouse. When students marry, they may have few assets but substantial debt due to student loans. They may not have lucrative jobs. In short, they may be the opposite of the traditional image of someone pursuing a prenup. However, it may be an easier, more productive process to negotiate a prenuptial agreement between students because both parties are making decisions about future rather than existing assets.
While prenuptial agreements are most commonly used to handle property division in a divorce, they can also be used to address the distribution of assets after death. Some young people may want to include specific provisions to benefit their parents in case of a death, especially within a specific number of years after marriage.
In order for a prenup to be considered fair and upheld in court, it is important that both spouses-to-be are represented by family law attorneys. A one-sided prenup could be thrown out in case of a later divorce. An attorney may make sure that each person’s interests are fairly represented within the agreement, including the partner who has fewer assets.