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Texas couples use prenup to plan for the what ifs of a divorce

Planning for a Texas wedding requires many decisions. One needs to decide where the ceremony will take place, who will serve as attendants, what cake flavors should be chosen and even where the couple should register for gifts. Throughout this exciting time, planning for the what ifs that could later occur is not nearly as exciting. However, this is the best time to discuss how assets should be divided in case of a divorce.

Many couples already possess a number of assets when they enter a marriage. Furthermore, it is likely that the bride and/or the groom have children from a previous relationship. In order to protect these assets and ensure that children receive their intended inheritance, a prenuptial agreement should be a topic of conversation and action.

One benefit of a prenuptial agreement is that it can address the division of assets. Decisions can be made regarding how assets owned prior to the marriage should be treated. Additionally, this agreement can address how assets acquired throughout the marriage should be divided. By making these decisions prior to the marriage, some of the items that must be considered in a possible divorce can be taken care of without adding to an already stressful situation.

Another consideration that can be addressed in a prenuptial agreement is the inheritance that children from previous relationships are entitled to. For example, a special piece of jewelry or china can be set aside for a specific child. These assets can then be protected for the children in case of either divorce or death of the parent.

A wedding and a divorce can both be stressful. However, for the Texas couple planning their wedding, preparing for the what ifs can simply be an open discussion regarding the couple's finances, assets and future. Then, with the assistance of their respective legal representatives, this discussion can be formed into a prenuptial agreement to cover the what ifs of a divorce.

Source: wisebread.com, "5 Money Moves to Make the Moment You Decide to Get Married", Emily Guy Birken, July 18, 2016

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