Couples can contract to protect their assets before a marriage with a premarital agreement or prenup agreement. Premarital agreements is a contract that specifies rights and obligations of each party regarding property for an upcoming marriage.
Texas Family Code Section 4.003 describes matters than may be covered in a premarital agreement, including but not limited to:
- Decision making regarding property already owned by either party;
- Ownership (community property or separate property) of property acquired during the marriage;
- Terms regarding future spousal support;
- Disposition of all property owned prior to and during the marriage, upon death of either party or dissolution of the marriage;
You cannot contract regarding child custody, visitation, or child support, as those will always be decided based on the best interests of the child at the time.
Already married couples may also enter contracts that partition and exchange specific assets, including future assets, earnings, and increases from investments, as the separate property of one of the spouses. This is important as all property is presumed to be community property of the parties upon divorce. A post marital agreement, separate property agreement, or partition and exchange agreement allows for property to be divided based on this contract between the spouses in a much more simplistic fashion upon divorce or death of a spouse.
Couples can contract for almost anything regarding the rights, duties, and disposition of their property. It is important to discuss your options with an experienced family law attorney, who can address contingencies and ensure you and your property and financial security are protected under the terms of the agreement. These agreements are favored in Texas, and they are regularly upheld. These contracts are a great way to protect your assets and financial security.
TALK TO OUR ATTORNEYS TODAY: Sarah M. Rose and Hannah Stroud look forward to answering your questions about premarital agreements or separate property agreements. Call 972-731-6500 to schedule a consult.