Texas Prenuptial & Postnuptial Agreements

Prenuptial agreements, or premarital agreements, are binding legal documents created between two people before marriage. Prenuptial agreements can range from simply listing each partner’s premarital property to comprehensively redefining property rights, including dissolving community estates and outlining terms for potential divorce or death scenarios. A prenup agreement in Texas is primarily intended to change the way the state’s community property laws affect the couple. Modifying the law affects the financial elements of a potential divorce and has significant implications for estate planning.

During their marriage, spouses may want to establish specific guidelines to manage the assets and debts they have acquired together. A postnuptial agreement in Texas, sometimes called a post-marital or partition and exchange agreement, allows spouses to legally adjust their financial arrangements after marriage.

Additionally, a Texas postnuptial agreement defines legally binding terms regarding the division of assets and debts in the event of a divorce. This means that a postnuptial agreement eliminates the doubts and uncertainties associated with a divorce by streamlining the process and lowering expenses. One consideration for anyone who’s thinking about getting a postnuptial agreement is to consult with a lawyer and find out what happens if you don’t have one.

A marital property agreement establishes each person’s rights to marital property in the event of a divorce. Prior to marriage, you may choose to create a premarital agreement in Texas, also referred to as a prenuptial agreement. Once married, you can opt for a Texas postnuptial agreement, which may also be called a partition and exchange agreement or post-marital agreement. Texas law allows spouses to modify how their assets are defined, either as community or separate property, by entering into a marital property agreement. A marital property agreement can be established either prior to getting married, with the help of a prenuptial agreement lawyer, or at any point during the marriage. However, for a pre- or post-marital agreement in Texas to be valid, it must be documented in writing and signed by both parties. This agreement allows spouses to modify the Texas community property system in the following ways:

• Convert community property into separate property by partitioning and exchanging community property between spouses. For example, if the parties accumulated $100,000 in an account during the marriage, then the $100,000 is community property, and each party owns an interest in that property. At the time of a divorce, the $100,000 is subject to being divided between the spouses by the court. In a marital property agreement, the spouses can agree to divide the $100,000 so that each spouse owns $50,000 of the account as their separate property. In this situation, at the time of divorce, the $50,000 owned by each spouse will not be subject to being divided by the court but rather will be confirmed as the separate property of each spouse.
• Convert income that is derived from community property to separate property. For example, if a spouse owned a retirement account prior to marriage, then all income that flows from this account during the marriage is community property and is subject to being divided at the time of divorce. In a marital property agreement, the spouses can agree that all of the income from the separate-property retirement account is also to be that spouse’s separate property. In this situation, none of the retirement accounts will be subject to division by the court at the time of divorce; rather, the entire retirement account will be confirmed as the separate property of the spouse owning the account before marriage.

In summary, having a prenuptial agreement attorney help you and your spouse create a well-written marital property agreement will allow you both to define your individual property rights and eliminate any uncertainty about those rights during your marriage. At the same time, working with a prenup attorney on a marital property agreement will establish in clear terms how property will be divided in the event of a divorce.

Marital agreements that clearly define separate property and community property, like prenuptial agreements and postnuptial agreements, help eliminate many of the stressors associated with finances, which helps provide a clearer and stronger foundation for a successful marriage. These marital agreements are for anyone who wishes to establish their own guidelines, different from standard Texas laws, for handling marital property and its division upon divorce or death. However, doing so can be complicated, and it’s always recommended that you work with a prenup agreement lawyer when drafting these documents.

It could be that you are unsure whether a prenuptial, postnuptial, or other marital property agreement is right for you and your future spouse. Or you might have received an agreement to review and would like clear legal advice. Or perhaps you’re considering divorce and would like to examine the enforceability of your existing agreement. Whatever your question about this area of family law may be, Goranson Bain Ausley’s experienced lawyers for prenuptial agreements are here to help. A prenuptial lawyer from our firm can provide you with the clarity and guidance you need.

The goal of a prenuptial agreement attorney is first to listen to your story. We want to know your goals, concerns, and expectations for the future. A prenup lawyer can also answer your questions about marital agreements, including:

• What is and is not included in a prenup?
• What should you consider before signing a prenup?
• How have prenup agreements changed? What is a modern prenup?
• Are prenups enforceable?
• When is it a good idea for a married couple to have a postnuptial agreement?
• Do you need a family lawyer to draft a marital agreement?
• What is a Collaborative prenup?
• How do courts determine the fairness of a marital property agreement?