It is very exciting to get married! But it isn’t that exciting to talk about finances or the possibility of a separation. Truthfully, everyone has some family law or property matter that is worth protecting and addressing. Whether you have been married for six years or 6 months, if no prenuptial agreement was established before you said “I do,” that is fine since you still can get one set up and receive the benefits of having a postnuptial or postmarital agreement. A Houston family attorney can help you get this set up. Postnuptial or Postmarital agreements are written agreements that are executed after a couple has married for settling assets, family matters and other financial issues during the marriage or in case of a divorce or separation.
In order to have a better understanding of the benefits of a postnuptial or postmarital agreement, let’s first look at the separate and community property in a marriage. First of all, the property that is acquired during a marriage is all presumed to be the parties community property. All property that is acquired before the marriage or acquired through an inheritance or as a gift during the marriage is considered to be separate properties.
Getting prepared for your Postnuptial agreement provides couples with the perfect opportunity for assessing community and separate property, unique debt, assets, spending habits, as well as the relationship’s overall financial picture. A postnuptial or postmarital agreement (called Exchange or Partition of Marital Property in Texas) may convert martial property’s character from being community property over to being the separate property of yours or your spouse’s.
A postnuptial agreement, which is similar in many ways to a prenuptial agreement might address:
- Division of property: for instance, what property is either held individually or jointly?
- Conversion of a marital property’s character
- Family Businesses: Responsibilities, roles, division of property, assets
- Responsibility for community or separate debts
- Death of a spouse
- Potential tax liabilities
- The breakup of marriage or separation
- Spousal support or alimony in the event there is a divorce
Postnuptial agreements may help to clarify issues within a marriage that can result in conflict in the future or now, and help each of the spouses retain ownership of important assets such as a family owned business or ranch. At times it may even help the marriage’s viability, or help to simply divorce proceedings if necessary, and establish clear expectations.
An increasing number of couples are moving towards postnuptial and prenuptial agreements. Although prenups are now widely accepted in the United States, there are some quirks to postnups and certain safeguards are required for enforceability that vary from one state to the next. That is why it is imperative to retain an experienced and reputable Texas family law attorney.