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Prenuptial agreements protect financial assets, property

No recently engaged Texas couple ever wants to believe that their marriage may not last before even heading down the aisle. However, protecting any assets in case of divorce should be a priority for couples, especially when financial and property division could become a problem down the line.

A prenuptial agreement is a legal contract that dictates the division of property in the event of a divorce. In the last five years, the number of prenups has increased 73 percent, with more and more middle class couples drafting these agreements. Many couples are tying the knot for the first time later in life, with the average age being 27 for women and 29 for men. Further, with the divorce rate at 50 percent, a divorce down the road is a realistic possibility, and people are looking to protect the assets they have worked so hard to obtain.

However, prenuptial agreements are not just about financial assets. They also can protect against debt that the other has accrued, such as car payments, student loans and credit card debt. There are also other assets that one may obtain later in life that he or she might like to keep separate, including any inheritance, pets, furniture and any other property.

If a couple decides to divorce, an experienced Texas attorney may be able to assist with property division and the division of finances. In cases of high-income divorces, the separation of assets can become a struggle between the two parties. The attorney may assist in the discovery of any hidden assets and investigate stock options, deferred compensation, retirement plans and other forms of financial assets to make sure that his or her client is protected. The attorney may also know how to best structure alimony and spousal support with tax considerations in mind.

Source: CBS News, "Why a prenup might be right for you", Mellody Hobson, May 29, 2013

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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