People have a lot of different ideas about what prenuptial agreements are all about. Some people think that they are only ever used by very rich or famous people. Others find them to be unromantic or, a bad omen. However, many people are unaware of what, exactly, prenuptial agreements are and how they can effectively be used. Before you get married in Texas, it is worth your while to at the very least educate yourself about prenuptial agreements so that you can know for sure whether or not one would be useful for you and your bride or groom to be.
Texas courts recognize prenuptial agreements and partition agreements which are created by couples who are already married. A partition agreement accomplishes the same thing as a prenuptial agreement by partitioning a married couple’s community estate into two separate estates which would be considered as separate property in a Texas divorce. An agreement of either type must meet certain criteria before it will be recognized by the courts. The first of these criteria is that each spouse must have entered into the agreement voluntarily. Also, each spouse must have adequate awareness of the finances of the other. There are a few ways that this can be accomplished. The spouses may exchange financial statements which provide complete disclosure of their assets, or they may sign waivers of disclosure. The third and final criteria is that a prenuptial agreement or partition agreement must not be unconscionable, if it is to be upheld as valid.
A prenuptial agreement may contain provisions for almost any assets or responsibilities that the couple wishes to include. Provisions regarding children may not be included, because decisions involving children of a marriage cannot be made in advance. Texas family courts make decisions based upon the best interest of the children at the time that any such decisions must be made.
One example of how a prenuptial agreement can be used involves protecting a business owner’s interest in the business that they have built. If a family has passed real estate on for several generations, the current owner may want to ensure that it will remain in the family in the future. A prenuptial agreement can be used to enable the current owner to keep the property in the event of a divorce, instead of dividing their interest in it with their spouse. Prenuptial agreements may also be used to protect important personal property, such as family heirlooms, from being included in the tug-of-war that often ensues during property division in divorce cases.
Since prenuptial agreements and partition agreements are legally binding documents, it is essential that you review any agreement that you are contemplating with a Texas family law attorney. Your prospective spouse should seek their own counsel in regards to a prenuptial agreement, as a single attorney cannot represent both of you. Also, be sure allow yourself and your prospective spouse plenty of time to work through the process of creating a prenuptial agreement well before your wedding so that it does not interfere with the planning or preparation for the festivities.
A premarital agreement or partition agreement is not the exclusive province of the rich and famous, nor does it automatically mean that you will eventually get a divorce. Prenuptial agreements and partition agreements can be useful tools for relieving some of the stress which comes with being financially involved with the one that you love. If you have questions about whether a premarital agreement or partition agreement is right for you, contact Texas Family Law Attorney Alex Tyra today to schedule your free consultation. We can be reached at (903) 753-7499, or you may visit us online to submit a convenient online contact form.