Piece of Mind for Your Marriage
Commonly referred to as a "pre-nup," a marital property agreement allows you to determine the ownership of your and your significant other's assets, incomes and debts during marriage and in the event of a divorce. But are you aware that you can enter into a marital property agreement even after you are married? Are you also aware that marital property agreements can offer married couples strong creditor protection benefits? Sugar Land family law attorney Chikeersha Puvvada can help you determine whether a marital property agreement is right for you. Chikeersha can draft a marital property agreement for you, or, if your significant other has had an attorney prepare a marital property agreement, Chikeersha can help you understand and review it.
Property Agreement FAQs
What is a prenuptial agreement?
There are default rules under the Texas Family Code on who owns what assets during a marriage, who is responsible for which debts during a marriage, and which assets are subject to division during a divorce. A prenuptial agreement allows a soon-to-be married couple to change those default rules.
How would things work if I don't have a prenup?
Without a prenup, your assets are subject to the default rules of the community property system. Under the community property system, both spouses equally own all community property. Community property is any property acquired during marriage that is not separate property. Basically, separate property is: 1) any property owned or claimed before marriage, 2) property inherited or received as a gift during marriage, and 3) any recovery for personal injuries sustained during marriage, excluding recovery for loss of earning capacity. All debts incurred during marriage are presumed to be community debts unless the lender agreed otherwise. During a divorce, the Court can only divide community property and community debts, and all property is presumed to be community property unless proven otherwise.
Why should I get a prenup?
A prenup can change what is and is not community property during a marriage. This means a prenup can change which assets are owned by which spouse and which assets are subject to division during a divorce. A prenup can also change which debts are subject to division during a divorce. Furthermore, a properly structured prenup can divide all community property well before any potential divorce, which significantly reduces the cost and stress involved in any potential divorce. Finally, a prenup can also serve as a strong asset protection tool.
What are examples of common agreements in a prenup?
Common agreements in a prenup include: 1) income earned by a spouse is that spouse's separate property instead of community property, 2) income from separate property is separate property instead of community property, and 3) neither spouse will be entitled to spousal support after divorce.
What can't a prenup do?
A prenup can't decide issues related to child custody and child support of any potential children of the marriage.
Do my spouse and I need our own lawyers?
While not technically required, the answer should always be yes. A prenup where both spouses were represented by attorneys is much harder to overturn later on.
What is the difference between a prenup and a postnup?
A postnup is executed after the parties are married while a prenup is executed before the parties are married.
Do we need to go to Court to get a prenup?
Visit our FAQ section to learn more.
If you need help with drafting a property agreement, contact property agreement attorney Chikeersha Puvvada at 281-313-5300 or online today to schedule a consultation. Due to the "Stay Home to Save Lives" order issued in Fort Bend County on March 24, 2020, our office will only be available by phone and teleconference until April 4, 2020.