Marital Property Agreement in Texas: What You Need to Know
A Marital Property Agreement, also known as a prenuptial agreement or a prenup, is a legal contract that outlines how the property and assets of a couple will be divided in the event of a divorce or separation. In Texas, these agreements are governed by the Texas Family Code, and must be entered into voluntarily by both parties with full disclosure of all assets and liabilities.
Why Consider a Marital Property Agreement?
There are several reasons why couples may want to consider a Marital Property Agreement. For instance, if one partner has significantly more assets or income than the other, the prenup can ensure that those assets are protected in the event of a divorce. Additionally, couples who have been married before, have children from previous relationships, or own a business may also benefit from a prenup.
What Can and Cannot be Included in a Marital Property Agreement?
In Texas, a Marital Property Agreement can address a wide range of issues related to property division, including:
– How property acquired before or during the marriage will be divided
– How debts and liabilities will be divided
– How property acquired during the marriage will be characterized
– How property acquired by gift or inheritance will be treated
– What rights each spouse will have in the event of a divorce or separation
However, there are some restrictions on what can be included in a prenup. For instance, child custody and child support cannot be addressed in a Marital Property Agreement, as these decisions are made based on the best interests of the child at the time of the divorce.
How to Create a Marital Property Agreement in Texas
If you and your partner have decided to create a Marital Property Agreement in Texas, there are several steps you will need to follow. First, you will need to fully disclose all of your assets and liabilities to each other. This includes everything from bank accounts and investments to real estate and personal property.
Next, you will need to work with a qualified attorney to draft the agreement. The attorney can help ensure that the agreement complies with Texas law, and can provide guidance on what clauses to include based on your specific situation.
Finally, both parties will need to sign the agreement in the presence of a notary public. It is important to note that Texas law requires that both parties have independent legal representation when creating a Marital Property Agreement, so each person will need to hire their own attorney.
Conclusion
A Marital Property Agreement can be a valuable tool for couples who want to protect their assets and simplify the divorce process in the event of a separation. However, it is important to understand the legal requirements for creating such an agreement and to work with an experienced attorney to ensure that all the necessary provisions are included. With the right preparation, a Marital Property Agreement can provide valuable peace of mind for couples entering into marriage.