There is some controversy surrounding prenuptial agreements, with people with little to no assets assuming they should not bother drafting one. If you and your significant other are considering marriage, it is advised that you sign a prenuptial agreement. Prenuptial agreements are enforceable in Texas, provided they meet specific requirements.
Before you and your partner draft a prenuptial agreement (prenup), ensure it meets all the requirements. Our family law attorney in San Antonio is available to discuss everything you need to know about prenups.
What is a Prenuptial Agreement?
Texas law allows soon-to-be married persons to enter into a contractual agreement regarding their assets, debts, and other financial obligations. The prenuptial agreement, sometimes known as a premarital agreement, may include any of the following:
- The rights and obligations of either party concerning separately or jointly owned property
- Property rights of each party, including the right to purchase, sell, transfer, take out a mortgage, manage, and control said property
- Disposition rights of any property in the event of separation, divorce, or death
- Alimony provisions, including the right to limit or waive alimony
- The making of a will or trust to carry out the terms of the prenuptial agreement
- Life insurance policies, including ownership rights and disposition of the death benefit
- Clause describing which state’s laws will apply in the construction of the agreement
- Any other matters that the couple deems applicable, including each person’s rights and obligations
These terms and conditions can cover a wide range of matters, none of which may violate public policy or any criminal statute.
Benefits of a Prenuptial Agreement in San Antonio, TX
A prenuptial agreement serves many benefits, some of which include:
- Clarifying between shared debts and debts that are individually acquired
- Protecting individually owned assets, making a distinction between individually and jointly owned assets
- Protecting your financial future, planning for children, retirement, and other financial goals
- Reducing conflict in the event of divorce or separation
- Safeguarding your property rights, detailing which property is considered separate property (avoiding having to default to Texas community property laws)
What Makes a Prenup Enforceable in Texas?
Oral agreements are not enforceable in Texas. Under the law, a prenuptial agreement must meet the following criteria:
- The agreement must be in writing
- It must be voluntarily signed, free of coercion
- Each party must provide a fair and full disclosure of its assets
Texas Family Code §4.002 stipulates that consideration (mutual exchange of something of value between two parties, usually money) is not required to enforce a prenuptial agreement in the Lone Star State. While all of this may seem straightforward, if your spouse is seeking to get out of the terms of a prenuptial agreement, they may claim that you did not provide an accurate picture of your assets before tying the knot.
In other cases, your spouse may claim that they did not have adequate time to review before signing or that they felt pressured to sign. To avoid these complications, you both must seek independent counsel before signing.
Contact Our Prenuptial Agreement Lawyer
While a prenuptial is designed to protect your financial future, specific requirements must be satisfied for the agreement to be enforceable in court. If you have questions regarding signing a prenuptial agreement, Cook Law can help. We help facilitate discussion between you and your partner, allowing you to reach a favorable deal. If you are interested in learning more about our approach or arranging a consultation, contact us online or by calling (210) 740-0281 today.