Prenuptial agreements have lost much of the stigma they carried in times past, and it is increasingly common for business owners in Texas to have a prenup in place before they get married. Entering into a prenuptial agreement can convey a number of benefits for both parties, not the least of which is alleviating the stress of the unknown in the event of a divorce. In cases where one or both of the parties have business interests, a prenup can account for many contingencies.
A prenup can allow the couple to establish the value of a business at the time of the marriage and specify how gains will be divided. Typically, any gains in the value of a business during the marriage will be subject to the rules of property division, but a prenup allows the couple to agree on a value at the time of the marriage, avoiding what can be a messy, backwards-looking valuation process if the couple divorces.
A prenuptial agreement can also allow the parties to specify the methods of valuation that will be used. This can save the couple the expenses and time of bringing in a third party to perform a valuation. In some cases, prenups can be drafted to simply specify what percentage of a business each of the parties would be entitled to in the event of a divorce after different lengths of marriage.
Prenuptial agreements are largely customizable and can be drafted to fit the needs and goals of the client in a particular case. An attorney who has experience handling divorce cases in Texas may be able to help interested parties by suggesting likely points of contention or by drafting a prenuptial agreement to the parties’ terms. An attorney may also help in the event of divorce by filing the couple’s prenup with the court and working to see that it is properly enforced.