Dividing Assets Through Marital Property Agreements In Texas
How will you and your spouse – or future spouse – divide your assets in case you divorce someday? What if that “someday” is imminent, as you are approaching a divorce in the near future? The Texas Constitution and the Texas Family Code both specify that Texas is a community property state, so property division should be just and equitable.
However, at any time before a possible or pending divorce, you and your spouse can customize the way the two of you will own or divide property. You can create your own enforceable marital property agreement to use as a prenuptial agreement (prenup) or postnuptial agreement (postnup).
Lauren in Houston helps clients craft personalized solutions in family law cases such as divorce. Waddell Law Firm, P.C., offers Texans guidance for marital property agreements created before or after marriage.
Keeping Control Of Assets Through A Marital Property Agreement
As a prenup, a marital property agreement allows you and your future spouse to determine how you will own property during your marriage or divide it in the case of a divorce.
With a marital property agreement as a postnup, you and your partner can clarify how you will own certain assets or might divide them if your marriage ever dissolves. For example, one of you may be starting a business and your business partners insist that you legally protect the business in case of a divorce. A marital property agreement created during your marriage can accomplish this.
At any time before or after marriage, a marital property agreement can effectively convert separate property to community property or vice versa, You may agree to keep assets such as retirement accounts undivided in case of a divorce or to include some inherited assets with community assets in divorce negotiations. Through a conversion marital property agreement, you can thus make enforceable modifications to Texas’ community property laws.
Get Guidance On Your Terms
The thought of a prenuptial or postnuptial agreement frightens some people. They may feel that a marital property agreement implies instability in a soon-coming or already-existing marriage relationship. On the contrary, both traditional and LGBTQ+ clients of Waddell Law Firm, P.C., appreciate the transparency and foresightedness of marital property agreements.