Historically, premarital agreements may have gotten a bad rap. Mentioning putting one in place prior to a marriage was a sensitive subject to say the least. Nowadays, premarital agreements may still need to be approached with a sensitivity to the serious feelings involved, but so many more people view premarital agreements as a gateway to a stronger marriage as opposed to planning for divorce before the marriage gets started.
So, what about these modern prenups helps a couple prepare for a solid marriage with an open pathway for communication and more managed expectations for the road ahead? It is all in what is included in the premarital agreement as well as having those tough conversations before vows are exchanged. We’ll talk more specifically here about what you should consider including in your premarital agreement.
What to Include in Your Premarital Agreement?
A premarital agreement is a legally binding contract established between spouses prior to their marriage. It is probably best known for setting the terms for how assets and debt will be handled in the event of divorce, but this can also be set for the marriage itself and in the event of a death of a spouse. Your premarital agreement should address property issues like this and, to what extent it does, it will be for you and your future spouse to decide.
The Texas Uniform Premarital Agreement Act provides that a valid premarital agreement established in the state can address either spouse’s rights to use and transfer property. It can also address either spouses rights and obligations in regard to any property they acquire over the course of the marriage. Furthermore, the agreement can address the disposition of property should the marriage end due to death or divorce. So, again, it is likely that your premarital agreement can and probably should cover property issues during the marriage and after the marriage.
In addition to property and financial issues, a premarital agreement can detail how certain expenses will be handled over the course of the marriage, such is who will be financially responsible for what. It can also outline if joint bank accounts will be created and how they will be used to manage marital assets over the course of the marriage. Additionally, a premarital agreement can dictate how disputes in the marriage will be resolved, which often includes going to marriage counseling. It can even specify what impact an affair will have on divorce proceedings, including the division of marital property.
In order for a Texas premarital agreement to be valid, both parties to the agreement must voluntarily sign the prenup. This means that there can be no coercion or duress. The terms cannot be unconscionable which means that they would not create an undue hardship for either party. Also, prior to entering into the prenup, both parties must fully disclose their property holdings as well as their financial obligations unless a party has waived their right to such a disclosure in writing.
Family Law Attorneys
Set your marriage up for success by clearly communicating your financial expectations and other important matters in a comprehensive premarital agreement. Talk to the family law team at Navarrete & Schwartz for more information. We are proud to serve the residence of Midland, Texas. Contact us today.