Statistics show that approximately half of marriages will ultimately end in divorce. Much of the anxiety arising out of a divorce comes from the division of assets. That stress can be lessened by executing a premarital agreement (also called a prenuptial agreement) before the wedding or a post-nuptial agreement after the marriage has occurred.
A premarital agreement prepared and executed in advance of the wedding provides the parties with a framework for identifying each party’s separate property that is brought into the marriage as well as a structure for handling the property in the event of divorce.
A post-nuptial agreement has the same information as in a premarital agreement but it is executed by the parties after the couple has been married. While there are several reasons for a post-nuptial agreements, the agreement will provide a legally binding outline for how the parties’ assets and liabilities will be handled were the marriage to be dissolved.
But what if you don’t have either a prenuptial or post-nuptial agreement? As long as you can prove by clear and convincing evidence, the laws in Texas will protect any property that you brought into the marriage, that you inherited, or that you were gifted. All other property is community property and subject to a just and right division by the court.
The attorneys at Travers & Travers can help you decide whether to proceed with either a prenuptial or post-nuptial agreement under your specific circumstances.