Concerned for You and Your Spouse’s Legal and Financial Rights?
Houston Prenuptial Agreement Attorneys Protect Your Assets in Case of Death or Divorce
Though most people know of prenuptial agreements, couples can also enter into similar agreements after they have already married. These agreements are postmarital or postnuptial agreements. Couples enter into these agreements after the marriage but before having separated or divorced, or before either one dies. As with all agreements pertaining to ending a marriage, it is important to employ the services of an experienced Houston premarital agreement lawyer for your postmarital and postnuptial agreement needs.
The goals with postmarital agreements are the same as for premarital ones – have each spouse determine how to optimally divide the couple’s assets, liabilities, and income sources. This way, in the event that a couple divorces or a spouse dies, the couples who were married get to decide how to divide their property and not the state or the judge.
Some important pointers to take into account when dealing with postmarital agreements are:
- Each spouse should always seek the advice of different attorneys. This allows each spouse to protect his or her rights. If each spouse does not have his/her own attorney, you run the risk of the Court invalidating the agreement.
- Disclose everything that you are required to disclose as fully as possible. This includes all assets, debts, and future possibilities. Hiding information may come back to hurt you.
- Revisit the postmarital agreement from time to time. Circumstances, finances, and life goals change. Keep in mind that what you negotiated years ago may no longer bear any resemblance to how you want your property separated upon the termination of your marriage.
- Have conversations with your spouse on the particularly tough and large subjects. For instance, you need to discuss who will own the marital residence and how you will provide for each other in your wills.
If you do not have a premarital or prenuptial agreement in place, postmarital agreements are particularly important in Texas, because Texas is a community property state. This means that, in general, a couple owns any property acquired during a marriage and that the Court will separate the property evenly should the marriage end. If couples have property that they want to keep separate from each other or if they want not burden one spouse with the other’s acquisitions, a postmarital agreement is a wise choice. Doctors who own a medical practice frequently do this, for example, so that the proceeds from the practice are not considered community property after a couple has already split up.
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 prenuptial agreement attorney at John K. Grubb & Associates, PC today to learn more about ensuring your and your spouse’s rights in the event of divorce or death.