Premarital and Postmarital Agreements
Many couples do not wish to consider the possibility that their marriage may end in divorce. Such thinking is sometimes even considered to be self-fulfilling. However, divorce is the unfortunate reality for about half of all marriages today, and it is important for the parties in a union to protect their assets should a divorce occur. Working with a College Station family attorney to develop a premarital or postmarital agreement is a good way to accomplish this.
Why Couples May Wish to Consider a Premarital or Postmarital Agreement
Couples may have a number of reasons for protecting assets. In some cases millions of dollars may be on the line. Among the more common reasons for seeking a prenuptial or postnuptial agreement are the following:
- One of the parties makes a much higher wage than the other
- One party has children from a prior marriage she wishes to provide for
- One party has an expectation of inheriting a large estate
In some cases when a very young person wishes to marry, the parents will insist upon a premarital agreement before giving their consent. Conversely, adult children may encourage an older parent to sign a premarital agreement when this individual enters into a second union.
It is important to keep in mind that divorce tends to be highly contentious. Even a couple that agrees to an amicable divorce may find themselves caught up in arguing over matters related to child and spousal support and ownership of assets from the marriage. Another area of contention is very often debt acquired during the marriage. Neither party wishes to be burdened with debt, and a fair solution can be difficult to determine. A postmarital agreement can accomplish this.
Changing Premarital and Postmarital Agreements
Even when a premarital or postmarital agreement is in place, though, this may need to be updated as situations change. For instance, one party may have a child who dies. The couple may adopt a child, and need to include this individual in an estate plan. Your attorney can help you update an agreement if this should become necessary.
If You Are Considering an Agreement
It is important that you work with a knowledgeable College Station family attorney if you are considering a premarital or postmarital agreement. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.