McKinney Prenuptial & Postnuptial Agreements Attorney
When entering a marriage or even after the wedding has taken place, you likely are not thinking about the breakup of your relationship in the future. Divorce is not something anyone expects or wants during the engagement or later when you and your spouse begin your life together. However, couples with complex financial holdings, property titled to them prior to the marriage, or those with blended families who are concerned about the inheritance rights of children or grandchildren from other relationships may all want to consider a prenuptial or postnuptial agreement.
These agreements are written contracts that pre-arrange property and asset rights and responsibilities in the event of a divorce or the death of one spouse. This makes the marital property division issue during a divorce easier to navigate as it is outlined in the agreement. If your agreement has been drafted and implemented according to legal standards and with clarity and precision of language, the court will likely approve its instructions. At Malcolm Miranda & Associates, our attorney can help you negotiate, draft, and finalize an agreement that works for you. You can have peace of mind knowing that your property, assets, and loved ones are protected, whether prior to the wedding in a prenuptial contract or afterward, in a postnuptial contract.
Learn more about prenuptial and postnuptial agreements in Texas and their benefits. Contact Malcolm Miranda & Associates for a free initial consultation through our website or call us at (469) 529-7390. Hablamos español.
What Can Be Covered in a Texas Prenuptial or Postnuptial Agreement?
Texas has adopted the elements of the Uniform Premarital and Marital Agreement Act that outlines how these agreements are made and what can be included in them.
These agreements can be used to:
- Define how community property will be divided and distributed in the event of a divorce;
- Determine how debts will be divided or paid in the event of a divorce;
- Define separate property (not part of the community marital estate) and property that shall be considered community property;
- Provide for how you and your spouse will use community property, including terms related to sales, purchases, transfers, leases, exchanges, and more;
- Create terms for community property distribution should the marriage end in the death of a spouse;
- Create terms related to alimony/spousal support should the marriage end in divorce;
- Create terms for estate planning, such as wills and trusts, as they regard the marital agreement;
- Create terms for life insurance policy benefits as held by either spouse;
- Decide how any other financial matter will be handled should the marriage end in divorce or death.
For example, a couple may want to ensure that a family home or business remains with one spouse in the event of a divorce. A prenup or postnup can also address how retirement accounts, investments, and other financial assets will be split.
In addition to financial issues, the agreements may address other matters, such as how household chores or child-rearing responsibilities will be handled during the marriage. However, these agreements cannot address child support or custody, as these issues are typically determined on a case-by-case basis by the family court in a divorce or separation.
How Do Prenuptial & Postnuptial Agreements Become Enforceable?
These agreements become legally binding once they are executed per applicable state law.
In most jurisdictions, the requirements for a valid agreement include the following:
- Voluntary agreement: Both parties must enter into the agreement voluntarily, without fraud, duress, or coercion.
- Full and fair disclosure: Both parties must fully disclose all assets, liabilities, and financial information to each other prior to entering into the agreement.
- Written agreement: The agreement must be in writing and signed by both parties.
- Enforceable provisions: The provisions of the agreement must be legal and not violate public policy.
- Consideration: There must be some form of consideration exchanged between the parties, such as the right to assets or property.
If any part of the agreement is “unconscionable” in its terms for either party, the court may consider the contract invalid. An unconscionable part of the agreement is generally a term or condition that is extremely unfair or one-sided in its considerations.
Once these requirements are met, the prenuptial or postnuptial agreement will be considered legally binding and may be enforced by a court in the event of divorce or separation. It's important to note that it is highly recommended that each party hire his or her own attorney to ensure that they have independent counsel in making the contract fair and reliable for both sides.
Discuss your needs with our McKinney prenuptial and postnuptial agreement lawyer by contacting us at (469) 529-7390 today.
Put our knowledge and experience on your side by meeting with us in a free, confidential consultation.
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