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Reasons to have a prenuptial agreement

Although couples in Texas who are getting married might not want to think about prenuptial agreements, putting one together can have a number of benefits. A prenup may be particularly important in certain circumstances. For example, if one person is going into the marriage with considerably more assets than the other, they might want to protect those assets in the event that the marriage ends after just a few years.

Another consideration is if one person owns a business. A prenup can prevent a spouse, who may have no knowledge of the business, from being able to take ownership of part of the business as a condition of the divorce. If either person is coming into the marriage with children from a previous relationship, they might want a prenup in place to ensure that assets go to their children. Finally, a prenup may be useful if one individual is deeply in debt. Ultimately, a prenup can be good for a relationship because it forces both parties to be open about their financial situation and to discuss their financial philosophies.

Failure to put a prenup in place has been expensive for some celebrity couples. After eight years, Madonna had to pay Guy Ritchie around 20 percent of her assets. Mel Gibson paid $425 million, half of his assets, to his ex-wife.

An individual doesn't have to have this kind of wealth to benefit from a prenup. However, it is important that the prenuptial agreement be prepared correctly. For example, if it is signed shortly before the marriage, it might look as though one spouse was rushed into it without sufficient legal counsel. One spouse might still be able to challenge the provisions of the prenup, but if it appears that both spouses understood the implications, the prenup may withstand that challenge.

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