When a Post-Nup Is a Good Idea
People enter into a postnuptial agreement for a variety of reasons. Some people do not realize how marriage will affect their finances until after they get married. Other people sign post-nups because their financial circumstances change.
Whatever the reason, signing a post-nup can put a spouse’s mind at ease about where he or she stands financially.
Pre-nup vs. Post-nup
Texas is a community property state. That means that both spouses have an interest in the community, which is made up of income and property acquired during the marriage.
A pre-nup is a contract between the parties that can alter the community property regime or opt out of the community property regime altogether. A pre-nup is an agreement that is largely about how property will be divided in the event of a divorce or death of one of the spouses.
Common terms of pre-nups include:
- What property will remain separate and what property, if any, will be community
- Treatment of gifts and inheritances
- Division of debts incurred before and during the marriage
- Terms of spousal support
A post-nup will cover many of the same issues, but it is agreed to after the marriage, not before. People consider post-nups when they want to:
- Protect one spouse from large amounts of debt acquired during the course of the marriage
- See to it that children from prior marriages are taken care of
- Keep a family business in the family
Enforceability of Post-nup
In order for the post-nup to be enforceable, it must meet the following requirements:
- The agreement must be in writing
- The agreement must be signed voluntarily
- Both parties must be given a full disclosure of assets and debts of the other spouse
Contact a Richmond, Texas Community Property Lawyer
If you think a post-nup may be right for your marriage, you should seek out the expertise of a skilled family law attorney. Drafting a post-nup is a complicated task that should be done by a lawyer. Typically, each spouse will need to be represented by separate counsel. That way each spouse fully understands the post-nup and how it will affect him or her. Call Richmond, TX family law attorney Frank J. Vendt, Jr. at Frank Vendt Child Custody & Divorce Attorneys to schedule your meeting at (832) 276-9474.
1 http://www.statutes.legis.state.tx.us/Docs/FA/htm/FA.3.htm
2 http://www.statutes.legis.state.tx.us/Docs/FA/htm/FA.4.htm
