Forming a prenuptial agreement can be a wonderful decision for the future of your marriage. While prenuptial agreements are often dismissed as signs of distrust or low expectations for the marriage, they can actually be a wise and financially savvy choice. In short, your future spouse and you can feel secure and protected with a prenuptial agreement.
In the video, Atty. Tyler Monahan of Turner-Monahan, PLLC, gets into the details of prenuptial agreements. All case evaluations at Turner Monahan PLLC and suggestions that the attorneys make are in the light of Texas Family Law. This content is for educational purposes only.
Before we talk about how you can get a prenup, let’s first understand some legal jargon!
What Are Prenuptial Agreements?
A prenuptial agreement, also known as a prenup, is a contract between two people before they get married. This contract outlines what will happen to the couple’s assets in the event of a divorce.
Prenuptial agreements are becoming increasingly popular, especially among couples with significant assets. They can help to protect both parties in the event of a divorce. This agreement can also be helpful in cases where one person is bringing debts or children into the marriage.
What Is Separate Property In Texas?
In Texas, separate property is owned by one spouse and not the other. It can include assets such as cash, stocks, and real estate. Individual property is not automatically divided between spouses in the event of a divorce.
However, it can be divided if both parties agree to do so. If the spouses cannot agree on how to divide the property, the court will decide based on the children’s best interests.
What Is Community Property In Texas?
Community property is owned by both spouses and, similar to separate property, includes assets such as cash, stocks, and real estate.
Upon divorce, the community property is divided. However, when it comes to liability, the court often rules that the person responsible for indebtedness due to making certain purchases will be liable to pay the debt.
Though the court might make such a decision, the lenders might not. So, here are some ways to protect and repair your credit score. It is advised that you consult an attorney before making any decision.
- Get the documentation of your credit card history. Mark all the discrepancies and activities that you aren’t involved in. It will help you become eligible to get loans to pay for the debt.
- Have a clear discussion with a consumer counselor who can map out a payment plan that is built upon your debt-to-income ratio
- Close all joint accounts and open a secure credit card. Make timely payments to improve your credit score.
How Can You Obtain A Prenup?
In regards to Prenuptial agreements, they should be drafted by an attorney with experience and understanding of community property and separate property. All agreements must be in writing and must be signed by both parties. They must also be notarized.
There are laws regarding prenuptial agreements in the Texas Family Code, which specifically states that Prenuptial agreements are presumed to be valid agreements. But they get challenged on a daily basis. And the issue that comes about is when you haven’t read or have not met the proper requisite requirements to be able to have invalidated.
You could actually have your prenuptial agreement and postnuptial agreement invalidated, which would then open you up to all sorts of liability in regards to your separate property community property assets being divided by the court.
So, it’s essential to find an attorney who’s experienced and understands the Texas family code, the case law, and both prenuptial and postnuptial agreements.
The “Prenuptial Agreements” Under The Texas Family Code
The Uniform Premarital Agreement Act (“UPAA”) in Texas describes all the elements that the National Conference of Commissioners on Uniform State Laws believes should be included in a legally enforceable prenuptial agreement.
In addition, here is the content that the Family Code states regarding the prenuptial agreements in Chapter 4, Sec. 4.003:
(a) The parties to a premarital agreement may contract with respect to:
(1) the rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
(2) the right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
(3) the disposition of property on separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
(4) the modification or elimination of spousal support;
(5) the making of a will, trust, or other arrangement to carry out the provisions of the agreement;
(6) the ownership rights in and disposition of the death benefit from a life insurance policy;
(7) the choice of law governing the construction of the agreement; and
(8) any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
(b) The right of a child to support may not be adversely affected by a premarital agreement.
Hire An Experienced Texas Family Attorney
Attorneys are important in prenuptial agreements because they can help to draft a contract that meets the requirements of Texas law. They can also help to negotiate agreements between the two spouses. In addition, an attorney can represent your interests in court if there is a dispute over property division.
Prenuptial agreements are important because they can help protect both parties in the event of a divorce. So, If you are considering getting married, it is essential to consider whether a prenuptial agreement is suitable for you. Talk to attorney Tyler Monahan and schedule a free, no-obligation consultation to discuss the details.
In addition, check our website for more information about our services. Go through our blog to find out more regarding your case. There is tons of information on divorce and answers to unique questions like does it matter who files for divorce first?
FAQs Regarding Divorce
Divorce cases are unique, so you will have many questions. To save you time and hassle, here are some topics that revolve around the area. For more information, contact our firm, Turner-Monahan, PLLC.
- Choosing Between Mediation, Trial, And Arbitration. Which Is The Best Alternative?
- What Is The Difference Between Prenuptial And Postnuptial Agreements?
- What Can I Do To Protect My Credit And Finances? My Ex Won’t Pay The Joint Card Payments.
- How Do I Retain A Family Attorney To Represent Me?
Disclaimer
The commentary and opinions are for informational and educational purposes only and not to provide legal advice. You should contact an attorney in your state to obtain legal advice concerning any particular issue or problem. You can become a client and enter the attorney-client privilege only after hiring Turner-Monahan, PPLC, by signing a written retainer agreement.
