How Do Prenuptial Agreements Work in Texas?

 Posted on September 15, 2021 in Property Agreements

Prenuptial agreements or “prenups” are legal contracts that engaged couples develop before they get married. For decades, many people assumed that prenuptial agreements were only for the rich or for couples who do not take their wedding vows seriously. Fortunately, these myths have largely been eradicated. Modern couples recognize the importance of planning for their financial futures using a prenuptial agreement and realize that prenups can benefit the marriage in a multitude of ways—even if the couple never divorces. Read on to learn about prenuptial agreements in Texas and what you can do if you are interested in creating a prenup.

What is the Purpose of a Prenuptial Agreement?

A prenuptial agreement or premarital agreement mainly deals with financial issues. The document can specify:

• How property should be allocated when a spouse passes away

• Each spouse’s property rights in the event of divorce

• Each spouse’s right to buy or sell certain assets

• A spouse’s right to alimony or spousal support if the couple divorces

• How death benefits from a spouse’s life insurance policy will be distributed

• Other issues related to property and finances

Who Should Get a Prenup?

Bringing up the topic of a prenuptial agreement to your partner can be awkward because the document does address divorce concerns like property division and alimony. However, signing a prenuptial agreement does not mean that you intend to get divorced. It means that you are preparing for every possible outcome—including divorce or the death of a spouse. Prenuptial agreements are especially important for those who:

• Own a business or professional practice

• Are getting married for the second or third time

• Have children from previous marriages

• Want to guarantee that each spouse’s debt is his or her individual responsibility

• Want to ensure that they will have financial support in the form of alimony should the marriage end

• Want to protect high-value assets or family heirlooms

What Are The Rules Regarding Prenups in Texas?

Prenuptial agreements are pointless if they are not legally enforceable. To ensure that your prenuptial agreement meets the criteria required by Texas law, work with an experienced family law attorney. Your prenup must be in writing and voluntarily signed by both individuals. The agreement cannot contain “unconscionable” or excessively unjust provisions. Both spouses must fully disclose financial obligations and assets (unless this financial disclosure is waived in writing).

Contact a Collin County Prenup Lawyer

At The Law Office of Linda Risinger, our Frisco family law attorneys help engaged couples protect their financial futures by creating mutually beneficial prenuptial agreements. We know that drafting a prenup can be complicated and stressful on your own. Call us for help at 972-294-6533. Set up your free consultation today.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.4.htm