Pre- & Post-Marital Agreements in Texas
Protecting your assets no matter what the future brings
Prenups aren’t just for the rich and famous. In fact, couples of all walks of life who are planning to marry may want to consider drafting a prenuptial agreement to protect their assets in the event of a divorce.
While nobody enjoys thinking about the dissolution of their union, planning for the future can help you and your partner take on whatever comes your way with confidence. A qualified Texas attorney can help you ensure that you and your partner are covered.
Protect your assets and provide peace of mind within your marriage. Take a proactive approach towards your financial security planning by contacting a Texas pre- and post-nuptial agreement attorney today.
What are prenuptial agreements?
A prenuptial agreement is a contract made before marriage to provide a clearly defined outcome if the marriage should ever come to an end. It determines how all assets will be divided in case of divorce and can also dictate what financial arrangements should be made in the event of a spouse’s death.
Note that both prenups and postnups do not allow for restrictions on child support, child custody, or any other issues pertaining to the children of a marriage that ends in divorce.
What are postnuptial agreements?
A postnuptial agreement is similar to a prenuptial agreement, with the difference being that a postnup is signed after two people have already been married. A postnuptial agreement may also be used to make corrections, clarifications, or other updates to an existing agreement.
Compared to prenuptial agreements, however, postnups can fall under more scrutiny in court when determining whether or not they can be enforced.
Requirements for a post-marital agreement
When creating a post-marital agreement in Texas, it’s essential to understand the rules and regulations involved before drafting and signing the document.
Your postnuptial agreement in Texas must:
Be completed in writing for court reference
Have been signed by both parties, and both parties must be legally capable of entering into the agreement
Be free of any fraud, coercion, duress, or any other factor that may have influenced decision-making abilities
Disclose financial information or waive disclosure
If you’re unsure whether your postnuptial agreement would hold up in court, contact the experienced attorneys at Shann M. Chaudhry, Attorney at Law, PLLC to ensure it meets all requirements.
Understanding the benefits of prenups and postnups
Whether you’re getting married soon or you’ve already been married for a while, pre and postnuptial agreements can be an excellent way to protect your assets—and your relationship.
With a clearly defined separation of joint and marital assets, pre-and post-marital agreements may also protect you against debts incurred by your partner during the marriage. This is especially important in the state of Texas, which is a community property state.
Because Texas is a community property state, assets acquired by couples during their marriage are considered jointly and equally owned. This can include everything from real estate to student loans—even the family business. Not clearly defining your intentions for your assets can lead to increased stress later down the road.
Contrary to popular belief, a pre- or postnuptial agreement does not mean that you are anticipating the demise of your marriage. By addressing these issues early on, you can help prevent potential conflict down the road by bringing important issues to light and ensuring that you are both on the same page about what matters.
Knowing which marital agreement is right for you
Whether you’re planning to marry or have been married for several years, it’s never too late to protect your assets. However, it’s important to understand exactly what is and is not protected by a marital agreement—and an experienced attorney can guide you through the process to ensure that your agreement is fair and legally sound.
Request a consultation with a knowledgeable Texas attorney today to learn how a pre- or postnuptial agreement may affect your marital assets.
How marital agreements can affect your estate plan
From dictating who gets what in your inheritance to the distribution of assets and spousal rights, prenups and postnups can have a significant effect on your estate plan in many ways.
Retirement accounts
A prenup or postnup can dictate how retirement accounts will be distributed in the event of divorce or death.
Retirement accounts
A prenup or postnup can dictate how retirement accounts will be distributed in the event of divorce or death.
Inheritance
A marital agreement can dictate who gets what when it comes to inheritance in the event of death. Without a marital agreement, the decision may pass to the state instead of your family.
Spousal rights
A marital agreement can limit or waive a surviving spouse’s rights to inherit or receive spousal support.
Spousal rights
A marital agreement can limit or waive a surviving spouse’s rights to inherit or receive spousal support.
Distribution of assets
As noted above, Texas is a community property state. As such, assets acquired during a marriage are considered jointly owned. A prenup or postnup can outline how assets, even those acquired during marriage, should be distributed in the event of divorce or the death of a spouse, which can include provisions for children from previous marriages.
Work with a Texas estate planning attorney
If you’re considering creating a prenup or postnuptial agreement to protect your assets, it’s essential that you know all of the rules and regulations that go into covering your bases.
Texas estate planning attorneys can help you and your partner gain the peace of mind that comes from knowing you’re prepared for all eventualities.
At the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC, we care deeply about helping our clients protect the things that matter most to them. If you have questions about pre- and post-nuptial agreements, contact our offices to schedule a consultation. We’re here to help!