Understand Your Outlook In Property Division
While few people entering marriage imagine that their marriage may end in separation or divorce, many engaged individuals have good reasons to create a prenuptial agreement. If you are an older individual who has accumulated significant assets, are marrying for the second or third time, or have children from a previous marriage or relationship, a prenup can help prevent misunderstandings or unintended losses in the event of a marital separation.
A prenuptial agreement is not a sign of doubt in a relationship; it is simply a safety net that anyone should have in place. Call Teller Law Firm, P.C., at 817-612-4298 to learn more about how a prenuptial agreement can settle property issues before they start.
The Advantages Of Prenuptial Agreements
A prenuptial agreement can be particularly important when a marital separation takes place in a community property state such as Texas. Marital assets that may be considered the community property of both spouses in Texas include the following:
- Real estate like homes, cabins and business property
- Pension plans
- Retirement funds such as 401(k) accounts and IRAs
- Stock options earned from work or private acquisitions
- Personal property, including collectibles, recreational vehicles and other shared assets
Agreeing to have a prenuptial agreement is not enough to protect yourself. It is essential to make sure your agreement is not something your spouse can work around. To ensure that a prenuptial agreement is as ironclad as possible, we at Teller Law Firm, P.C., counsel clients through a three-step process:
- Full disclosure of property to each other in advance of the prenup (or a waiving of the right to disclosure)
- Thoughtful preparation of a prenuptial agreement that will accomplish a client’s goals
- Postmarital ratification of the prenuptial agreement
Completion of all three steps makes it clear that neither spouse was coerced into agreeing to the prenuptial contract and agrees with the terms. It is important to follow these steps to ensure that your property division has no gray areas, and there are no opportunities for further dispute after the division.
We Are Here To Answer Your Questions
Teller Law Firm, P.C., welcomes the opportunity to explain how a prenuptial or postnuptial agreement can fit your needs. Our attorneys will help you and your new spouse understand how Texas’ community property laws apply to your situation. To schedule a consultation with an attorney, call us at 817-612-4298 or send us an email.