Need a Postnuptial Agreement in Texas?
Houston Premarital Agreement Lawyer Helping Spouses with Community Property
Though most people know of prenuptial agreements, couples can also enter into similar agreements after they have already married. Called a postnuptial agreement in Texas, couples enter into these contracts after the marriage. As with all agreements pertaining to marriage, it is important to employ the services of an experienced Houston premarital agreement lawyer for your postmarital and postnuptial agreement needs.
What Should I Know About a Postmarital or Postnuptial Agreement in Texas?
At any time after marriage, Texas spouses may enter into a postmarital agreement. It partitions or exchanges all or part of their community property between themselves. This includes existing property as well as property they will aquire. Once the property is partitioned or exchanged it becomes a spouse’s separate property. The partition or exchange of property includes future earnings or income arising from the property as the separate property of the owning spouse, unless the spouses agree future income and earnings will become community property. Furthermore, in a post marital agreement, the parties may agree that all or part of the separate property owned by either or both of the spouses should convert into community property. The requirements for preparing a post marital agreement are virtually identical to the requirements for preparing a Houston prenuptial agreement.
Over the years, parties’ financial needs frequently change during the term of the marriage. While the parties wish to remain married, they frequently wish to address specific separate financial needs. For example, one party to a 10, 15, or 20-year marriage may have a relative who is going to require special needs care for many years to come. Rather than burdening the entire community estate, frequently the parties will partition their community property into two separate estates. This then allows the one person with the special needs relative to make particular arrangements for that person, freeing up the other spouse’s property. Also, frequently couples married for many years will have acquired houses, ranches and businesses that need special attention. Frequently it is easier to manage those properties by partitioning them in a manner that fits the party’s particular needs.
Need More Information About a Postnuptial Agreement in Texas?
Dealing with the financial and legal aspects of a marriage may not be the most romantic part of matrimony, but it is a necessity. Marriage is, after all, a legal contract. Contact a Houston postnuptial agreement attorney at John K. Grubb & Associates, PC today to learn more about contracts in marriage.