Postnuptial agreements can be drafted at any point after a couple has exchanged their wedding vows. These documents provide clarity around each spouse’s rights where marital property and finances are concerned. If you and your spouse wish to draft a marital agreement, then you should seek the guidance of a postnuptial agreement lawyer in Denton, TX. You didn’t sign a prenup, but it’s not too late for you and your spouse to create financial protections once you are married.
Youngberg Law Firm is dedicated to helping you and your spouse protect your assets and rights during the marriage and in the event of a divorce. We work diligently on your behalf to find solutions and terms that you are both satisfied with. A postnuptial agreement can provide clarity on important matters, and a Denton divorce lawyer makes sure you have considered all relevant factors. Our team provides a safe environment for you and your spouse to discuss these challenging topics and draft your agreement.
What Is a Postnuptial Agreement?
Unlike a prenuptial agreement, a postnuptial agreement is drafted after a couple has been married. The document serves the same purpose as a prenuptial agreement, but the timing is the biggest differentiator. The purpose of this agreement is to protect each spouse’s property and financial rights and responsibilities by creating clear parameters within the document. It also reduces uncertainty and conflict if a divorce is sought.
Drafting a postnuptial agreement should be done by an experienced lawyer to ensure it is fair and legal. The Texas Family Code Chapter 4 governs the viability and enforceability of a marriage agreement, and a lawyer is familiar with these laws and how they affect your postnuptial agreement. Your lawyer can also make sure that you and your spouse have considered all relevant aspects of your marriage, finances, and marital property so you both are fully protected.
Postnuptial Agreements and the Partition and Exchange Agreement
Texas recognizes community and separate property during a marriage and divorce. Community property is anything that is acquired together during the marriage, and separate property is any property that was owned prior to the marriage or received solely as a gift or inheritance during the marriage. However, couples can choose to create greater separation of assets by converting these types of property through a Partition or Exchange of Community Property agreement as part of their postnuptial agreement.
A Partition and Exchange Agreement allows spouses to convert community property to separate property. This may include current and/or future property. For it to be enforceable, the agreement must explicitly specify which types of marital property will be partitioned and exchanged, and to what extent it will be converted. If the postnuptial agreement is deemed enforceable, then these assets will be exempt if they are divided up.
Postnuptial Agreements Are Beneficial in a Variety of Marital Circumstances
Every couple and family dynamic is unique, so a couple’s choice to draft a postnuptial agreement can stem from a variety of motivators. As such, postnuptial agreements serve an important purpose in a marriage and divorce. They can provide much-needed clarity and boundaries that can reduce conflict and help preserve the relationship through difficult times.
There are several situations when a postnuptial agreement can be particularly beneficial. If a spouse has been married previously, then they may have assets, debts, or children they want to protect. A marital agreement can be a great opportunity to explicitly state what should be kept separate and protected. Additionally, if a spouse wants to protect an inheritance, business, or other property that they own, they can define the boundaries and related rights within the agreement pertaining to the asset.
The ability to set guardrails around these assets can help both parties find common ground and have peace of mind knowing their assets are protected. The agreement can also outline any responsibilities delegated to one spouse or the other regarding the management of certain assets. Your lawyer will work with you to draft an agreement that is tailored to your specific needs and goals.
Youngberg Law Firm Helps You Protect What Matters Most
While a postnuptial agreement is not required for marriage, it can help couples work together and make difficult decisions that can alleviate stress down the road if they decide to file for divorce. This is an opportunity to do the work up front and get on the same page. When this is your goal, the Youngberg Law Firm can help you and your spouse work together and consider various aspects of your marriage and property that should be addressed in a postnuptial agreement.
Our team has extensive knowledge of family law, postnuptial agreements, and what elements make a strong agreement. We also draft the document to make sure it is filled out properly and accurately. With so much to consider, it can be easy to overlook valuable aspects of your property and finances, so we are here to help you make sure nothing is left unaccounted for in your agreement. We also take the time to answer your questions and provide recommendations on how to move forward based on your situation.
Our Denton, TX postnuptial agreement attorneys help you each protect what is important to you and ensure that each spouse is treated fairly in the terms of the document. We take the time to listen to you and your joint and separate goals so we can better serve you. Our team knows what the court will look for should your postnuptial agreement need to be executed, so we provide counsel during its drafting to ensure it is enforceable if the time comes.
What to Include in a Postnuptial Agreement
A postnuptial agreement can and should outline all relevant facets of your property and finances that would be relevant in the event you and your spouse file for divorce. Both parties should work together to make equitable decisions for their future. In addition to specific directions, a postnuptial agreement can also identify what role each partner may play in managing property and assets. To ensure maximum protection for both spouses, certain elements should be included in the agreement.
First, both parties should disclose all assets for full transparency and accounting within the agreement. Separate property should be clearly identified so there is no question about which spouse it belongs to. Couples should also work together to determine how marital assets, insurance, and retirement benefits should be divided in a divorce. Debts should also be considered so they can be handled properly and smoothly. Additionally, couples should outline any legal rights regarding alimony provisions.
What Cannot Be Included in a Postnuptial Agreement in Texas?
While a postnuptial agreement can cover many key areas in the marriage, there are some limitations on what can be included.
Child custody and support terms that negatively impact the child’s best interests cannot be included in a postnuptial agreement. Both parents must retain their parental and financial obligations to their child. Additionally, a postnuptial agreement cannot be used to avoid creditors or hide property. The agreement should also not be unfair to either party.
An Estimated Timeline for Drafting a Postnuptial Agreement
It can easily take a few weeks to draft a postnuptial agreement completely, but the exact timeline will depend on your situation. The complexity of the postnuptial agreement and the amount of time it takes to reach a decision can impact how much time you need to draft the agreement. This is an opportunity to devote your time and attention to discussions with your partner and lawyer.
Postnuptial Agreements Must Meet Certain Criteria to Be Enforceable in Texas
Many states allow couples to file prenuptial and postnuptial agreements, but they are viewed differently by every state. Some states uphold them in a divorce more than others. In Texas, the court will enforce a postnuptial agreement if it meets certain criteria. As such, these documents must hold up under intense scrutiny for them to be fully executed. If you are working with the same lawyer who drafted your postnuptial agreement, then they will have prepared you for this.
On the most basic level, postnuptial agreements must be in written form and must be signed by both parties. This signifies that each party agreed to the terms outlined in the legal document. Postnuptial agreements must be entered into voluntarily, and while a signed agreement implies this, a court will still investigate the matter to make sure that neither spouse was forced into it. If there is any doubt about the agreement, the court may not enforce it during a divorce.
Postnuptial Agreements May Be Modified to Accurately Reflect Life Changes
Postnuptial agreements can be modified, or even revoked, as needed during the marriage. However, it is important that both parties make modifications voluntarily and together. All changes should be handled by a postnuptial agreement attorney in Denton, TX so they are accurately recorded and are put into writing. Once the desired changes have been made, both spouses must sign the updated version of their agreement for it to be valid.
Couples may have several reasons for choosing to modify their postnuptial agreement at a later date. Over time, a couple’s financial situation may change or priorities may shift, and they may want to make sure these adjustments are accurately reflected in their agreement. Additionally, couples can make changes to the terms of their assets, debts, and alimony details. Couples who own or have a stake in a business should also adjust their marital agreement to accommodate changing circumstances.
How Postnuptial Agreements Affect Divorce Proceedings
As long as the postnuptial agreement is legal and enforceable, it can help streamline the divorce process. Because of the decisions you and your spouse made about assets, alimony, and more, you can follow the terms of the agreement. A postnuptial agreement can also reduce the amount of conflict that can occur during a divorce since the decisions were made early in a calmer frame of mind.
After the initial filing and serving of divorce papers and the mandatory waiting period, a divorce cannot be finalized until property is divided and custody arrangements are agreed upon and finalized. With an effective postnuptial agreement, you and your spouse can finalize your divorce faster and begin your new chapters on your own.
However, if you have children, you and your spouse will still need to work together to determine custody and support arrangements, since this is often not in a postnuptial agreement. This may require extra time, especially if you both have difficulty reaching an agreement. All decisions should be made with the child’s best interests in mind.
A Postnuptial Agreement Can Be Contested During a Divorce
Texas courts take the equity and mutual consent of a postnuptial agreement very seriously. While these elements will be evaluated during a divorce, a spouse can also contest the postnuptial agreement on the grounds that the agreement unfairly favored the other party, you were forced to sign the agreement, and/or you were not aware of the terms of the agreement. A claim of this nature will be investigated before proceeding.
In these situations, the courts may declare the agreement unenforceable and require both parties to divide their assets according to state laws on division of marital property. Community property is generally distributed equitably between both spouses, which may result in a different allotment than what you had planned for originally. Consult postnuptial agreement lawyers in Denton, TX to determine how to proceed when these changes impact your agreement and divorce.
Contact Our Postnuptial Agreement Lawyers in Denton, TX
Youngberg Law Firm is ready to help you and your spouse draft a postnuptial agreement tailored to your needs. Every couple is different, and our team takes the time to get to know you so we can better serve you as you make decisions about your future. Our experienced lawyers provide trusted counsel and quality service from start to finish. Contact us today to schedule your consultation.