Marriage is a dream event for many people. They think of it as the most romantic gesture in the world, a sign of true love. Yes, marriage is romantic, but couples need to remember that it’s also a business transaction.
When the marriage ends, who gets what? Texas is a community property state, which means that the marital property belongs to both spouses and is divided as such. If you want this to be handled differently in a divorce, then you should get a prenuptial agreement.
A prenuptial agreement, as the name implies, is drafted before marriage. It offers legal protections by addressing various issues in divorce, including asset division, spousal support, and certain matters involving minor children. Such an agreement is typically done for those with a high net worth, although anyone of any income level can have one.
But what if you’re already married? Is it too late to get a prenuptial agreement? Technically, it is, but that doesn’t mean you can’t get a postnuptial agreement.
A postnuptial agreement is a contract created by spouses after entering into a marriage that outlines the ownership of financial assets in the event of a divorce. The contract can also set out the responsibilities surrounding any children or other obligations for the duration of the marriage.
Postnuptial agreements can be helpful for various situations. However, they cannot address every issue. For example, postnups are not allowed to address issues around child custody or child support. These elements must adhere to state laws.
Postnuptial agreements also cannot be signed under duress or coercion. They must be willfully agreed into by both parties.
Reasons for Postnuptial Agreements
Sometimes couples enter into postnuptial agreements because they wanted a prenuptial agreement but didn’t have the time to complete one before the marriage. However, there are certain reasons why a postnuptial agreement may make sense.
For example, many couples have children from previous marriages that they want to protect. Without such an agreement, inheritance laws tend to favor spouses, so your children may be left with nothing or very little.
Postnups can also be helpful when one spouse owns a business. Without one, your spouse may be entitled to a portion of your business in a divorce, which can be an awkward situation.
In some cases, postnups can also salvage a marriage. For example, they can outline terms and conditions for staying married after infidelity, substance abuse, or financial issues.
Contact Us Today
Marriages are typically based on love, but at the end of the day, they are still business transactions. If your marriage ends in divorce, what are you entitled to receive?
You can follow state laws or you can override them with a prenuptial or postnuptial agreement. Choose the document that works for your needs. At the Law Office of David J. Rodriguez, PLLC, we can reduce conflict and protect your legal rights. Give us a call today at (210) 716-0726 or fill out the online form to schedule an initial consultation.