If you are getting a divorce in the Lone Star State, you may be concerned about what property you will be keeping once the divorce is finalized. Perhaps you are a self-starter, building your business from the ground up, or you came into the marriage with a large sum. You may have even used some of your own money for the down payment on the marital home. Now that you and your spouse have decided to separate, you find yourself worried about your financial future.
At Cook Law, our legal team knows that the stress of divorce is only compounded by disputes over property and asset division. If you would like to discuss your financial situation with our property division lawyers in San Antonio, TX, do not hesitate to reach out to us.
What Does it Mean to Be a Community Property State?
Texas is one of nine community property states, which means any property that is acquired during the marriage (community property) is considered equally owned by the couple. This does come with a few exceptions, such as any gifts or inheritances that were bequeathed individually to either spouse. It does not matter if the gift or inheritance was acquired during the time of the marriage; it is still separate property if the funds are kept separate from the marital funds.
Prenuptial Agreements in San Antonio, TX
Given the complications of determining property ownership, individuals may choose to sign a prenuptial agreement before getting married. A prenuptial agreement, or prenup, can state each person’s property and financial rights. The exchange of money is not required for a prenuptial agreement to be enforceable.
To be considered valid, Texas law requires that a couple share a full disclosure of their assets and that each party sign the agreement of their own free will. A premarital agreement becomes effective when the couple marries, but it may be amended or revoked upon written agreement at any time by both parties.
Texas Family Code §4.003 states what issues a married couple may discuss in a prenuptial agreement, some of which include:
- The rights of each party to manage and control property
- The rights of each person in relation to specific property
- The ownership rights and distribution of a life insurance policy’s death benefit
- Provision for alimony or spousal maintenance
Can a Prenuptial Agreement Go Against Community Property Laws?
A prenuptial agreement can legally go against community property laws, as long as both spouses consent. Some couples create a prenuptial agreement to keep all property earned or obtained during the marriage separate. In preventing the creation of community property, property division becomes much simpler upon divorce.
Nevertheless, the court does reserve the right to void a specific clause or the prenuptial agreement in its entirety under certain circumstances. To ensure that your prenuptial agreement holds up in court, it is wisest to have the contract drafted by a family law attorney.
Skilled Property Division Attorneys in San Antonio, TX
If you are concerned about your property rights upon divorce, you must speak with the divorce lawyers at Cook Law. Our property division lawyers in San Antonio, TX, possess a thorough understanding of community property laws, enabling us to clearly outline the assets you can expect to receive upon divorce. We believe that “knowledge is power,” motivating us to clearly explain your legal options to help you feel in control of the situation.
To schedule a meeting with a member of our legal team or to learn more, contact us online or by calling (210) 740-0281 today.