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 The Vendt Law Firm, P.L.L.C. to schedule your meeting at (832) 276-9474.