Ensure Your Financial Security with a Postnuptial Agreement
For couples who are already married, a postnuptial agreement offers a chance to assess their finances and define the financial rights and responsibilities of each spouse. Contrary to its reputation, signing a postnuptial agreement does not necessarily mean you are considering a divorce. Couples can decide to draft a postmarital agreement for all kinds of reasons, from winning the lottery to outlining how finances will be handled when one spouse dies. At The Family Law Firm of Donna J Smiedt in Arlington, TX, our team can help you decide if a postnuptial agreement is the right decision for you. A family law attorney can also work with you and your spouse to draft a fair and balanced document which holds up in court and protects your best interests. Contact our firm online or call (817) 572-9900 to learn more about drafting a postnuptial agreement.
What Is a Postnuptial Agreement?
Similar to a prenuptial agreement, a postnuptial agreement, or postnup, is a document defining the couple’s assets and their respective rights in the event of a divorce. While prenups are created before the wedding, postnups allow married couples to perform many of the same functions, including providing for spousal support. For many couples, postnups offer a sense of security within their marriage and an opportunity to openly discuss their finances in a constructive way.
Reasons for Drafting a Postnup
Under Texas law, all property acquired during the marriage is community property and subject to equal distribution after divorce. In a postnup, couples can determine which of their assets they wish to consider communal or separate property. Spouses enter into postnuptial agreements for all types of reasons, such as to:
- Clearly define each party’s wishes for property purchased during the marriage
- Ensure children from previous marriages or relationships receive certain assets or receive their inheritance
- Limit the effects of one spouse’s financial or legal troubles on the other spouse
- Protect assets against future uncertainty, especially unexpected financial acquisitions, such as lottery winnings or an inheritance
- Specify which spouse is responsible for marital debts, including mortgages
- Determine how to divide property and other assets if one spouse dies during the marriage
Often, a postnup is a good choice for couples if one spouse decides to stop working to stay home and care for children. An agreement can ensure they will have the financial resources they need in the event of a divorce.
Crafting a Valid Agreement
There are several requirements you must meet for your postnup to be valid and enforceable. Our team can walk you through the steps involved and ensure your document is up to Texas standards. For a postnuptial agreement to hold in court, it must be:
- Validly executed
Full and fair disclosure is also required for a proper agreement. Each party must fully disclose all of their assets, liabilities, and incomes. If one party provides information which is not accurate or complete, the agreement is not enforceable. In addition, Texas law prohibits marital agreements from limiting the amount of child support one spouse must provide.
How Our Family Law Firm Can Help
Donna J. Smiedt has been practicing law since 1986. As a A Board Certified Family Law Attorney – Texas Board of Legal Specialization, she has an advanced understanding of Texas family law and the requirements of postnuptial agreements. Under her leadership, our team can formulate a fair and balanced agreement which protects all parties.
For many couples, postnups offer a sense of security within their marriage and an opportunity to openly discuss their finances in a constructive way.
At The Family Law Firm of Donna J Smiedt, Donna understands how stressful considering the prospect of divorce can be, even in theory during a postnuptial agreement. However, with her help, she believes this process can strengthen your marriage and provide a sense of lasting security for the future.
Contact Us Today
If you are considering a postnuptial agreement or your spouse has had one drafted for you, our team can help protect the best interests of your family. For more information, contact our firm online or call (817) 572-9900 to speak to a member of our staff today.