Should I have a prenup (prenuptial agreement)?
In Texas, a prenuptial agreement (commonly referred to as “prenup”) is referred to as a premarital agreement. A premarital agreement establishes property/financial rights in the event of a divorce and/or death.
If one party has a large estate, makes considerably more, is likely to earn much more in the future, owns or part owns a business, or bringing a lot of debt into the marriage, it may be a prudent decision to obtain a premarital agreement.
According to a study by the Institute for Divorce Financial Analysts (IDFA), money issues is the third leading cause of divorce in North America. This means that a prudent person would accept risks associated with entering a marriage and obtain a premarital agreement.
If the couple decides that a premarital agreement is no longer necessary, s/he can dispose of the premarital agreement.
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