June 24, 2022
There’s a social stigma attached to prenuptial agreements. Sometimes happy couples think that they don’t need one because they trust one another and would never plan on getting a divorce. However, a prenuptial agreement is similar to an insurance policy, we all have one, and we hope not to have to use it, but in any event, if something bad happens, we have it to take care of us. Similarly, we get married in hopes of staying with our partners forever, but things change, people change and we want to be prepared for those situations.
In fact, a prenuptial agreement can make a relationship stronger because it requires couples to talk about hard issues like their finances and estates.
A prenuptial agreement is a contract entered into by partners before they become spouses. Although we know them as prenuptial agreements, Texas recognizes them under the Texas Uniform Premarital Agreement Act or the Texas Family Code as a premarital agreement. In Texas a premarital agreement can include terms regarding rights and obligations regarding property and disposition of property in the event of divorce. In addition to that a prenuptial agreement can lay out other terms between you and your partner such as:
- Creation and utilization of a joint bank account,
- Dispute resolution methods (such as marriage counseling or mediation), and
- Confirmation and characterization of separate property.
There are a few requirements to ensure that a prenuptial agreement is enforceable in Texas. For instance, the agreements must be in writing and signed by the parties. Generally, both partners will have an attorney represent them and review the agreement to ensure that they are each signing the agreement knowingly and voluntarily. Additionally, the agreement may have the parties exchange inventories or understand the assets and liabilities each are bringing with them into the marriage. Lastly, the agreement must not violate public policy, implicate criminal culpability or be unconscionable.
If you already have an agreement and would like it reviewed by an experienced family law and real estate attorney, contact our office. A married couple may jointly amend or terminate their current agreement and enter into a new agreement. Or, if you do not have anything in place but are interested in inquiring more about premarital agreement, schedule a free consultation here.