Many couples are familiar with prenuptial agreements, or contracts entered before marriage to detail the distribution of assets, spousal support, as well as other personal and financial matters in case of divorce or separation. A growing trend in the Arlington area is postnuptial agreements or partition contracts. These agreements, entered into after marriage, accomplish many of the same goals as a prenuptial agreement.
If you or your spouse are considering a partition contract, call an Arlington, TX postnuptial agreement lawyer at The Queenan Law Firm, P.C. today. Our attorneys will handle your case with compassion and respect. For a confidential legal consultation, call us today at (817) 476-1797.
Texas Laws on Community Property After a Divorce
Under Texas law, all the property that each spouse acquires during their marriage is considered community property. On the other hand, property a spouse owned before the marriage is separate property. Additionally, an inheritance benefiting one spouse, a personal injury claim, or a gift from one spouse to another, is also considered separate property.
When an Arlington couple divorce, the law requires that all community property should be divided in a “just and right” manner. Therefore, according to Texas law, the distribution of marital property must be equitable. An Arlington court considers several factors in determining what is equitable, including the earning capacity of each spouse, fault in the breakdown of the marriage, their respective health, and custody and care of any children. Furthermore, all property is presumed to be community property, unless one spouse can establish that it is separate property by a preponderance of the evidence.
Postnuptial Agreements in Arlington, TX
The Texas code allows couples to transfer community property to a spouse’s separate property under a partition contract enter into after marriage. A postnuptial agreement will govern the distribution of marital assets should the couple divorce, as well as establish what property is community or separate property for equitable distribution purposes.
After the contractual formalities are met, the transferred property becomes the spouse’s separate property. A legal binding postnuptial agreement is required to be in writing, must be voluntarily executed, must disclose all marital property, and have both spouses signatures. We highly recommended that each spouse have legal representation to ensure their individual rights are protected.
Reasons for Couples to Draft a Postnuptial Agreement in Arlington, TX
Every couple enters into marriage with the best intentions. However, statistics and real-life often demonstrate that many marriages will end in divorce. When couples are navigating the tumultuous waves of legally dissolving their union, it is difficult to have calm and reasonable conversations about dividing the marital assets. With the assistance of an experienced Arlington attorney, couples can draft a contractual agreement to address many of these painful and challenging decisions while they are on friendly terms with each other. Encouraging couples to take the time to consider each other clearly, they generally agree to a more fair and reasonable distribution of marital property than they would when in the middle of a divorce proceeding.
In situations where separation seems likely, a postnuptial agreement could help avoid costs associated with a contested divorce as the terms and provisions of the agreement are generally incorporated into the final divorce decree.
In blended families, postnuptial agreements can address potential inheritance concerns. Through a partition agreement, a surviving spouse could waive rights to specific property that they would have a right to inherit.
In many instances, couples will not consider a prenuptial agreement because they believe it shines a negative light on their pending marriage. However, as a couples’ financial situations change over time, a postnuptial agreement begins to make more sense. A spouse might have significant assets, investments, or ownership in a business, that grew from the date of the marriage. Postnuptial agreements address foreseen and unforeseen, dynamic changes that might affect a married couple. Our seasoned Arlington attorneys will provide the guidance necessary to assist you in protecting your current and future assets.
Challenging Postnuptial Agreements in Arlington, Texas
While postnuptial agreements are binding in Texas, their enforceability could be challenged under specific circumstances. For example, one requirement is that both spouses voluntarily signed the contract. Establishing that one spouse was coerced, uninformed, or otherwise misled into signing could render the entire postnuptial agreement invalid. Additionally, all property must have been fairly and reasonably disclosed, by failing to divulge all financial assets and property, one spouse could make the postnuptial agreement unenforceable. By retaining the services of our experienced Arlington postnuptial attorney, you can avoid many of the obstacles that could harm the effectiveness of your partition contract.
Call Our Arlington, TX Postnuptial Agreement Lawyer for a Confidential Consultation
Marriage is supposed to be happy and forever. However, we know that is not always the case. The attorneys at The Queenan Law Firm, P.C. have the experience and knowledge to foresee the complications and difficulties that postnuptial agreements present. We will respectfully assist you through the process, drafting an agreement that fully protects your interests. Our understanding of marital property law will ensure that your situation will receive the professional care it deserves. For a consultation on your case, call us today at (817) 476-1797.