Married couples and couples who plan to get married often enter their marriages with different ideas about what to do with their finances and assets. Sometimes, one person enters the marriage with significantly more assets than their partner. Other times, married couples disagree on certain spending decisions or other financial matters.
In these instances, a marital agreement that clearly defines who owns which assets could help minimize confusion about property rights during the marriage and in the event of a future divorce.
A seasoned marital agreements lawyer in The Colony has helped many couples protect their assets and work through their financial differences. Let our family law attorney help draft an agreement or review the terms of an existing contract to ensure your rights and interests are thoroughly protected.
Like several other states, Texas is a community property state, which means all assets acquired during a couple’s marriage belong to both spouses equally regardless of which spouse actually acquired which piece of property.
For example, if one spouse works outside the home while the other stays home to care for their children, both spouses would have equal rights to the salary and wages earned by the breadwinner during the course of their marriage. Assets obtained before the marriage are not part of the community property.
Divorce courts are required to divide the spouses’ community assets 50/50 between them, but many couples would rather define what property belongs to each spouse themselves. A skilled attorney in The Colony could help married or engaged couples protect their hard-earned assets with well-crafted marital agreements.
Prenuptial agreements are marital contracts signed before marriage. Engaged spouses may discuss the terms of their proposed agreement and sign it so that it becomes effective when they marry. Pre-marital agreements can identify the separate properties belonging to each party and are particularly useful when one person is bringing significantly more assets or debts into the marriage than the other, when one spouse has ownership in a business, or when one or both spouses have their own children.
An attorney licensed to practice in The Colony could help a spouse-to-be draft a marital agreement that eliminates uncertainties about property ownership and division in the event of divorce.
Postnuptial agreements are entered into after a couple is already married. This type of marital agreement is not as common as prenuptial contracts. Many couples sign post-marital agreements to:
A skilled lawyer serving The Colony could discuss a post-marital contract’s potential advantages and disadvantages.
Marital agreements are helpful to married and engaged couples because they clearly outline financial matters and property rights. If a couple later divorces, they are better equipped to avoid ambiguity and contentious disputes regarding the division of their assets and debts when they sign a marital contract.
Regardless of whether a marital agreement is drafted before or after a wedding, each party thereto should meet with their own skilled legal representative. A knowledgeable marital agreements lawyer in The Colony could help ensure that your interests are represented and protected in carefully stated and legally enforceable terms.
Contact our office today to learn more about how to protect your assets and rights in a marital contract.
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.