Premarital and Marital Property Agreements are important and necessary in setting up a prenuptial or postnuptial agreement in the state of Texas, with regard to your properties if you do end up in a divorce. Divorces can be messy and one of the most disputed topics during such time is property and finances. We want to help you better understand the process in making it and have an informed choice of getting one.
Prenup and Postnup Agreements 101
Marital agreements are agreements entered into by the spouses either before or during the marriage, which establishes the property and financial rights of each spouse in case of a divorce or the death of your spouse. A prenuptial agreement contains the things the spouses want to keep separate, while a postnuptial agreement can be entered into after the marriage, if the spouses decide they want separate or part of the marital community property.
How Do I Make a Valid Marital Agreement
In order for there to be a valid marital agreement that can be done before or after your marriage, it must be in a written document, signed by both parties, voluntarily made by the spouse and must contain full disclosure of all assets and liabilities. Documentation of your properties is important in order to prove that your property is separate, especially when it is contested by the other party. Testimony that your property is separate can be submitted but would likely not be enough to prove this in court.
Decision Making: Is Getting A Prenup Agreement Worth It?
Having yourself a property agreement can give you control of your finances and make your options more predictable and less chaotic in an unfortunate divorce proceeding. For instance, you want your properties to be easily divided by identifying which are separate from the Marital Community Property. Having a prenup also controls the extent of your debt so properties can remain debt-free even after marriage.
In the absence of a prenup or postnup, “community property” is the default marital agreement in the state of Texas. This means that all property owned by married persons on the dissolution of a marriage, by death or by divorce, is presumed to be the property of both spouses. This includes debt which is called community debt. In this situation, the spouse also shares the debt upon divorce. To keep it simple, having the choice of a prenup or postnup will help you make your finances separate with your spouse.
How We Can Help
Weddings are the most romantic events yet a substantial number of marriages in America end up in divorce. If you are thinking about entering into a prenup or postnup agreement to better protect your hard-earned properties and finances in marriage, we at Sims & Purzer PLLC we can help you with that. We specialize in Family law matters including managing and fixing marital property obligations. Don't hesitate to schedule a consultation with us today!