What should a woman ask for in a prenup? People are waiting longer to find a life partner, and that results in people getting married after each of them has become financially established. According to the U.S. Census, the average age for the first marriage is 28 for women and 30 for men. That is a significant increase from decades ago. The age increase means people have had time to focus on their careers and financial portfolios.
Prenuptial agreements protect both parties in a marriage regardless of gender. They are essential to many marriages and provide financial clarity and protection for both parties. For women, a prenup can offer specific protections tailored to their unique needs and circumstances. The Texas Family Code states that any property possessed by either spouse during or at the end of the marriage is presumed to be community property. Knowing this is the default, drafting prenups that protect you is essential.
There are some critical elements women should consider when drafting prenups. The skilled Austin premarital agreement attorneys at Smith & Bledsoe Family Law can help you draft a prenuptial agreement that will protect you and your existing assets if your marriage dissolves.
Premarital Property
When you marry later in life, you bring assets you acquired into the marriage. According to the Pew Research Center, single women owned 58% of the homes of unmarried Americans, while single men owned 42%. Women should make sure that prenups protect the property they had before the marriage. This is especially important if they own a home. It is also crucial for women to protect other assets that they bring to the marriage. This may include bank accounts, jewelry, investments, businesses, collections, and other valuable assets.
A prenup can specify which assets each party will retain as separate property in the event of a divorce, ensuring that premarital assets remain with their original owner. This can protect their future financial security.
If you do not have a prenup, you risk having your accounts and all previous property commingled. Your partner may claim that the work they put into the home you previously owned now makes that home joint property from the marriage.
Financial stability is a significant concern in any marriage, and a prenup can ensure that both parties enter the union with clear financial expectations. Women should include clauses that protect their income, savings, investments, and other assets.
Spousal Support Clauses
Spousal support can be a contentious issue in divorces. A prenup can outline the terms of spousal support, providing clarity and reducing potential conflicts. It is important to remember that alimony payments depend on who earns more income during the marriage.
- Determining Alimony Amounts – Women should consider including clauses determining the amount and duration of spousal support, especially if they plan to leave the workforce to raise children. Alimony will help if they have sacrificed income to care for the family. However, the prenup should also include an alimony clause about what the woman would pay her intended spouse if she intends to be the primary income earner during the marriage.
- Waiving Alimony – In some cases, women may waive their right to alimony in exchange for other financial concessions, such as a larger share of marital assets.
Debt Protection in Prenuptial Agreements
Debt can be considered marital property. This debt includes student loans, property loans, credit card balances, and business debt. Debt can be a significant issue in marriages, especially if one party enters the marriage with substantial debt. If you are getting married, you should have an outline of who will be responsible for those premarital debts. A prenup can prevent one spouse from becoming liable for the other spouse’s financial obligations. A debt clause can also outline that each party will be responsible for any individual debt they accrue during the relationship, ensuring a fair division of responsibility.
Inheritance and Gifts Protection
Protecting inherited assets and gifts can be crucial, especially if they are significant or sentimental.
- Inherited Assets – A prenup can specify that any assets inherited by either party will remain separate property, ensuring they are not subject to division in a divorce.
- Gifts – Gifts received by either party during the marriage can be excluded from the marital estate, protecting them from division.
Other Special Considerations
There are many considerations for clauses that women should also consider adding to their prenup.
- Custody of Pets in Prenup – Pets are considered part of the family. A prenup can include clauses specifying who will get custody of pets, arrangements for visitation, and financial responsibility for their care.
- Primary Residence Clause – A family home is often a couple’s most valuable asset. A prenup can outline who will retain ownership of the primary residence and under what conditions.
- Career and Education – Women should consider clauses that address the impact of marriage on their career and education, which can include compensation for lost earning potential if they decide to become stay-at-home parents in the future.
- Health Insurance and Benefits – Ensuring continued access to health insurance and other benefits in the event of a divorce is another critical consideration. A prenup can outline provisions for maintaining these benefits.
In addition, both parties should fully disclose their financial situation before signing a prenup to ensure transparency and help prevent disputes later. Finally, each party must have independent legal representation. This ensures that each party’s interests are adequately protected.
Contacting An Attorney for Help
A prenuptial agreement can provide significant protection and peace of mind for women entering marriage. By including clauses that address financial protection, debt responsibility, spousal support, inheritance, pet custody, primary residence, and women’s rights, a prenup can help ensure a fair and equitable arrangement should the marriage end in divorce.
Women should consider their unique needs carefully and consult with legal professionals to create a comprehensive and enforceable prenuptial agreement. The skilled Austin family law attorneys at Smith & Bledsoe Family Law can help. Call us at (512) 277-3166 or contact us online for your confidential case evaluation from our experienced attorneys. Learn from our success stories and know why you should trust our law firm with your case.