Prenuptial Agreements Lawyer in McKinney, TX
When you begin planning a wedding, you may not want to consider the possibility of divorce. However, if you have significant assets or children from previous relationships, preparing for all situations is just smart. Instead of thinking of a prenuptial agreement as a negative, consider how it can give both spouses clarity on who will get what if the marriage ends.
At Petitt Family Law, we want to help you find peace of mind regarding your upcoming marriage. Our prenuptial agreements lawyer is ready to address your concerns and answer all your questions regarding what these contracts are and how they can work in your best interest. Contact us to schedule a consultation to learn more.
Understanding the Basics of Prenuptial Agreements in Texas
When a marriage ends, it can be frustrating to work out how marital assets will be divided. Untangling emotions from the facts of financial issues and property division is very challenging without professional legal guidance. A prenuptial agreement allows a couple to carefully consider many aspects of their lives that could cause discord later.
Prenuptials are commonly associated with situations such as one person being much wealthier than their future spouse, but they are also valuable for those with fewer assets. These agreements can be used to protect the financial interests of children from a previous marriage or a previous relationship in the event of a divorce.
Prenups can also govern how a marriage will function, even if there is no divorce. A married couple can benefit from establishing how property will be shared and used. Protecting each spouse’s income, assets, and needs can be a critical function of a prenuptial agreement.
Texas state law requires that prenups must be in writing and signed by both parties prior to the marriage. They can be invalidated in certain circumstances, such as if:
- One party was coerced into signing by force or under duress.
- One party did not fully disclose all their assets, causing the other party to sign a fraudulent document.
- The agreement is found to be unconscionable (vastly unfair to the other party) by a court.
Divorce and Property Division
One of the most critical topics for a prenup is property division during divorce. Texas is a community property state, meaning that almost everything acquired by either spouse during a marriage is owned by both spouses. Each spouse has equal rights to use the asset during the marriage. Prenuptial agreements often address property owned prior to the marriage to ensure these items remain the separate assets of their respective original owners.
Types of Prenuptial Agreements
In addition to addressing financial concerns during a marriage and in the event of divorce, prenuptial agreements can detail other concerns the parties may have. Generally, these documents will focus on:
- Asset division and spousal support: While a prenup may include existing property owned by the spouses, it should also take into account how they will manage future assets. Prenups can also delineate how much alimony should be paid after a divorce.
- Outlining a potential separation agreement: While no one wants to plan for divorce, it can be very useful to establish a template for creating a separation agreement that supports future custody and child support agreements. If a split happens, it is easier to pick up the pieces when a plan is already in place.
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