What a Prenuptial Agreement Can and Cannot Do

 Posted on February 07,2014 in Child Custody

Prior to getting married, it is important to discuss things such as potential children, jobs, and where you both will live. One subject that might be harder to talk about is about money. That is especially the case if one spouse comes into the relationship with a better financial position such as higher wages, property or a possible inheritance. That spouse may want to protect their assets in the future by drafting a prenuptial agreement.

There are certain things that a properly written prenup can achieve. It is generally used to specify how assets shall be divided on the chance that the marriage ends in divorce. It can also dictate how certain separate or marital assets can be characterized, managed and controlled. This is essential if either spouse owns a family business or home prior to becoming married. Also if either spouse has a large amount of debt, it can protect the other from being financially responsible. A prenup may also dictate if a spouse is eligible to receive alimony or direct how much support can be awarded.

There are other aspects of a divorce which cannot be changed by a prenuptial agreement. Child support, custody and visitation cannot be negatively impacted by any prenuptial agreement. It is also incapable of including any action that is against state or federal law.

A valid prenup must meet certain other conditions regarding the legality of the contract. This type of contract should be entered into in good faith, meaning that neither party should fail to disclose their assets. It is also necessary that neither party was coerced into the agreement or under duress in any manner.  And like other contracts, the provisions should not create undue financial hardship that is unconscionable.

Prenuptial agreements are becoming more popular in recent years because of the benefits they provide.  These types of agreements can also be modified during the marriage in case of a change of opinion about certain clauses or provisions. If you have assets you would like the shield from divorce, contact an experienced divorce attorney in Austin today.