Prenup and Postnup agreements serve as mature preventive steps that can protect the individual assets of the couple. These agreements are becoming more common as they are “just-in-case” clauses. To make sure that financial matters don’t disrupt the relationship with your partner, it’s better to be proactive.
As it is a sensitive and delicate matter, you will need to have a lot of information regarding your financial status and the laws that will apply in Texas. In the video, Managing Partner Tyler Monahan of Turner Monahan PLLC details marital agreements such as prenuptial documentations.
So, if you want a prenuptial agreement, and want to discuss the legalities, then schedule a free consultation with Turner-Monahan, PLLC., Fort Worth, Texas at https://tumolaw.com/contact-us/
Prenuptial agreement
Prenuptial agreement is an agreement created before marriage. This serves a similar purpose as the postnup agreement does. It establishes the ownership along with the independence of assets. Prenuptial agreements in some cases are necessary, and in other cases, they’re not.
Most of the time, it depends upon the couple and where they are from a financial perspective. It also sometimes depends upon what the family wants. For example, there can be trust funds or a prior separate property that has been acquired. Moreover, the age of the two parties that are getting married comes into play.
In the state of Texas, whatever money is made after marriage is considered the “community property”. This is regardless of who is the breadwinner of the household. So, when and if the couple decides to split up, all assets are divided equally between them.
According to the Texas Family Code, Chapter 4, Section 002, though this is an agreement created before marriage, it should be in writing and signed by both spouses.
The “prenuptial agreement” acts as a bodyguard that can help the individuals protect their assets from splitting up in case of divorce. These can include all property, savings, investments, and inheritance. Note that the assets can have debt on them. So, in the absence of a prenuptial agreement, both spouses will be responsible for paying it as it will be a community asset.
The circumstances for prenuptial agreements
There can be many instances in which it will be better to have protection against what you own. Here is a non-exclusive list of cases in which you might go ahead and create an agreement. If you have any doubts about whether or not you should enter it, it’s better to contact an attorney who has sound knowledge of marriage contracts.
- One of the spouses is expected to bring debt after marriage
- One of the spouses is financially sound than the other
- The couple is getting remarried
- The couple have children from the ex-spouse
- One or both of the spouses have individual properties that they want to have under their ownership
What if you suddenly decide to include more assets or entirely revoke the agreement that you drafted and signed with your partner to be? In that case, Section 005 of Chapter 4 in the Texas Family Code, you will have to create another document. That, too, will have to be in writing and be signed by both individuals. So, do not worry if you have taken a hasty decision regarding the prenuptial agreement. It can be easily amended and revoked.
Were you recently served divorce papers? If yes, then read about the steps that you can take. Furthermore, divorce can be both emotionally and financially draining. Therefore, it is better to have someone’s expert assistance. The attorneys at Turner-Monahan, PLLC, are highly experienced in all types of cases related to family law.
Postnuptial agreement
A postnuptial agreement is a legal document that is established after marriage. A postnup agreement states the ownership of the assets of an individual. These are said to be solely the property of that individual when undergoing a divorce. All of the other mutually-owned assets will be divided except for these as they will stay independent. The term property is an umbrella for all sorts of incomes and earnings.
The Texas Family Code elaborates on the post-nuptial agreements in great detail. For example, Chapter 4, Section 102 informs about the partition and exchange of community property. In addition, according to Texas Family Code, section 4.104, the agreement will have to be in writing and signed by both spouses.
Postmarital agreements include “partition and exchange agreements”. Suppose if you have separate property and you now want to share its ownership with your husband. So, by drawing an exchange agreement, you will transform the nature of the asset from sole ownership to a “community property”. In contrast, if you want to be the sole owner, a “partition agreement” will have to be created.
When drafting and creating a postnup agreement, you will need someone with an analytical eye. An attorney will be able to analyze your current situation and foresee the possibilities. Since this document significantly affects a couple’s financial future, it should be established with care.
What to include in the prenuptial or post-nuptial agreements?
Here is a list of important points that can be included in both types of marital agreements:
- What assets will be considered as “community” or “separate properties.”
- Which spouse will be responsible for the debt, both accumulated and expected?
- The determination of spousal support and alimony
- Other financial matters such as savings and expenditures
What not to include in your marital agreements?
The following issues are typically left out of these agreements:
- Child custody
- Clauses related to lifestyle
- Forfeiting of alimony
- Illegal or unfair points
If you want to read more about the Premarital agreements, then head over to the Texas state law library.
Get Expert Help from a Fort Worth, Texas Divorce Attorney
The information stated above acts as a brief regarding the marital agreements that couples can draft before and after marriage. If you are thinking of entering one or need assistance to modify it, contact attorney Tyler Monahan and schedule a free consultation. Discussing this delicate issue with an experienced and expert professional who has a firm grip on family law will benefit.
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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.
