“It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife.” ― Jane Austen, Pride and Prejudice
It has become common place in society for engaged couples to shy away from entering into a prenuptial agreement because it is associated with the stigma of “planning for divorce.” Unfortunately, the same stigma is associated with estate planning, i.e. not wanting to draft a Will due to fear of death. While the optimistic approach to planning for nuptials is preferred, a more practical approach can safeguard your relationship for the long term
“A lady’s imagination is very rapid; it jumps from admiration to love, from love to matrimony in a moment.” ― Jane Austen, Pride and Prejudice
More often than not couples focus on the short term planning for the wedding and living arrangements and do not spend enough time focusing on the short term effects of the automatic creation of the community property estate. Community Property is “Property possessed by either spouse during or on dissolution of marriage…” Tex. Fam Code § 3.003. Therefore, the presumption is that once you become married, all property is community property unless that presumption is overcome by proof of the spouse claiming certain property as separate property.
A marriage just like a typical business venture is essentially the creation of a partnership. Entering into a marriage without a prenuptial agreement is similar to entering into a joint venture with your best friend without a partnership agreement.
“Do not consider me now as an elegant female intending to plague you, but as a rational creature speaking the truth from her heart.” ― Jane Austen, Pride and Prejudice
It is common place to believe that if a couple has entered into a prenuptial agreement, one spouse wants to protect assets from the other spouse in an effort to circumvent the eventual divorce. However, a prenuptial agreement also provides the marrying couple the opportunity to deep dive into the expectations each has with regard to the community estate. A prenuptial agreement can be utilized as a tool to identify and define the boundaries of the marriage. Specifically, couples can make agreements with regard to the disposition of past debt and the accumulation of future debt.
“Do not give way to useless alarm; though it is right to be prepared for the worst, there is no occasion to look on it as certain.” ― Jane Austen, Pride and Prejudice
A prenuptial agreement, if properly designed is not only a tool to be utilized in the unfortunate event of a divorce proceeding, but can be used as a reference guide for a couple when making financial decisions that may impact the community estate.
Without Pride or Prejudice the experienced counsel at Dodson Legal Group is ready to assist you with practical planning for your brightest future. Call or click to connect with Dodson Legal Group today at 844-4Dodson (363766) and Dodson Legal dot com.