Many couples are idealistic when they get married and may forego a prenuptial agreement, even if it would be a good idea to get one. A few years of marriage, changing life circumstances, and marital challenges can lead people to reconsider that idea and pursue a postnuptial agreement.
Postnuptial agreements are legal tools that allow spouses to define property rights, manage debts, and address financial expectations. They can accomplish the same goals as a prenup, but they are for couples who are already married.
State law governs what people can—and cannot—put in a postnup agreement. It also dictates conditions for enforceability. If you are not confident about what you should include in the document, a lawyer can provide information about common conditions of postnuptial agreements in Frisco. Call Towson Law Firm, PLLC, today to speak with an experienced postnuptial agreements attorney.
Texas Family Code § 4.105 outlines the criteria for postnup agreements. These legal documents are entered into voluntarily and signed by both spouses after marriage. They establish financial arrangements, property division, and responsibilities in the event of divorce, separation, or death.
Since these agreements are written after marriage, they often reflect changes in a couple’s financial or personal circumstances after their wedding day. However, both parties need to understand these circumstances fully. Full and fair disclosure is a requirement to make these agreements enforceable. That disclosure can also impact the conditions a person in Frisco may want in their postnuptial agreement.
A well-crafted postnuptial agreement can cover various financial matters. In some states, it might also address personal matters. However, in Texas, courts will not enforce personal clauses regarding chores, intimacy, or personal appearance. Instead, they focus on financial and business dealings.
One primary purpose of a postnuptial agreement is to establish how marital and separate property will be classified and divided upon divorce or separation. Texas is a community property state, so property required during the marriage is considered jointly owned. However, a postnuptial agreement can classify specific assets as separate property, determine how marital property will be divided, and address the treatment of jointly owned assets like family homes or businesses.
A postnup agreement can address liabilities in addition to assets. It often addresses how debts will be handled. Spouses can specify which debts are considered joint obligations and which are the responsibility of one party. This is especially useful for managing credit card debt, business loans, and student loans incurred during the marriage. Postnups do not need to address debt incurred prior to marriage because it is already the responsibility of the party who incurred it, but many people choose to clarify those responsibilities.
Spousal support—alimony or spousal maintenance—is another common subject of postnup agreements. A person can waive their right to seek spousal support or set terms for payment, including duration or amount. However, any child support provisions must comply with Texas Family Code § 8.055, outlining statutory limitations on spousal maintenance.
Postnups also frequently cover inheritance rights. Anything a person receives by gift or devise is their own separate property. However, it is easy for those assets to be comingled with community property. A postnup can clarify inheritance rights and keep that property separate. It can also convert separate property—including inherited property—to community property.
Postnups are popular with business owners. They can address how a couple who owns a business together will divide it in the event of divorce or separation. They can also determine how to treat a business that is technically community property but really belongs to one of the partners. These postnups can protect a business as separate property, establish buy-out terms, and clarify roles and financial contributions.
While there are some common conditions of postnuptial agreements in Frisco, as long as the document does not violate any laws or give one partner an unfair advantage, spouses can choose their own conditions.
A dedicated family law attorney can help you explore your rights when drafting a postnup. Contact Towson Law Firm, PLLC, today to schedule an initial meeting.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.