December 18, 2015 | Share
Does a Postnuptial Agreement Make Sense for Your Situation?
While the common perception is that a prenuptial agreement or postnuptial agreement is simply a method of “planning for divorce,” the reality is that there are several important divorce-related and non-divorce-related reasons to enter into a pre- or post-marital agreement. There is some evidence to suggest that postnuptial agreements are becoming increasingly popular in Texas, with couples using them for everything from providing for their children to establishing the parameters for a trial separation.
Common Issues Covered in Postnuptial Agreements
In many situations, spouses use postnuptial agreements to address issues relating to ownership of real and personal property. Texas is a community property state, which generally means that:
- Any assets that one spouse owns prior to the marriage will remain solely owned by that spouse; and,
- Any assets that either spouse acquires during the marriage will be deemed jointly owned by both spouses.
However, there are important exceptions to this general rule (for example, gifts to either spouse during the marriage are deemed separate property). Still, regardless of whether an exception applies, spouses often wish to make their own decisions about who owns what. One of the best ways to do this is through a postnuptial agreement.
In other situations, spouses may wish to establish parameters around things like how they will allocate their income, manage their debts and ensure financial stability for their families or children from prior relationships. These are all among the many topics that spouses can address in a postnuptial agreement.
Is a Postnuptial Agreement Right for You and Your Spouse?
With this background in mind, you can see that postnuptial agreements offer a wide variety of possibilities and can fit a wide variety of personal circumstances. You and your spouse might consider entering into a postnuptial agreement if:
- You need to modify the terms of a prenuptial agreement
- A major life event, such as a career change, creates the need for peace of mind
- You or your spouse wants to provide for children from a prior relationship
- You want to provide for specific gifts and inheritances in the event of a death
- You or your spouse receives a gift or inheritance or acquires an asset and you both want to avoid the default community property rules
- You want to establish support and custody rights in the event of a separation
Importantly, Texas law requires spouses to follow certain formalities in order to create an enforceable postnuptial agreement. At Nordhaus Walpole PLLC, our attorneys can make sure that your agreement satisfies all of the statutory requirements.
Nordhaus Walpole PLLC | Experienced Frisco Family Attorneys
To learn more about the benefits of postnuptial agreements, we invite you to contact us for a free, confidential consultation. To speak with an attorney at our offices in Frisco, call (972) 961-9396 or send us an email today.
Categories: Family Law & Divorce