Though many people think of premarital agreements—also known as prenuptial agreements or “prenups”—as something reserved only for the very wealthy, this is simply not the case. In fact, premarital agreements offer numerous advantages to many couples on the brink of marriage. While no one likes to think about the potential for divorce, the fact remains that many marriages in the U.S. end this way. Taking a practical, proactive approach can provide both you and your spouse with more confidence and peace of mind as you enter into marriage.
If you wish to speak with a premarital agreement attorney in Austin about how a premarital agreement may benefit you, reach out to the experienced legal team at Walters Gilbreath, PLLC. We understand the complexities of this particular area of law and are prepared to help you navigate the process from start to finish.
Call (844) 451-1220 or contact us online to schedule your initial consultation today.
What Do Premarital Agreements Cover?
With some limitations, premarital agreements can include just about any issue the couple wishes. Typically, they are used to determine which assets/properties are separate (owned by just one spouse) and which ones are shared by both spouses. However, this is just one issue that prenuptial agreements can cover.
In Texas, premarital agreements can be used to determine:
- Property/asset ownership and rights of each spouse
- The rights of either spouse to control, manage, sell, use, etc. certain properties/assets
- How property will be distributed in the event of divorce or the death of one spouse
- Whether or not either spouse has the right to receive alimony
- Each spouse’s rights to receive death benefits from the other spouse’s life insurance policy
These are just some examples of issues that can be covered in a premarital agreement; almost any issue that does not violate state or federal law or public policy can be determined with such an agreement. It is important to note that one thing premarital agreements cannot do is limit or change the amount of child support one parent would have to pay to the other in the event of a divorce or change of custody. This is because child support payments legally belong to the child, not the other parent.
How to Create a Valid Premarital Agreement in Texas
Premarital agreements are considered valid and enforceable in the state of Texas as long as they meet the requirements set forth by the Uniform Premarital Agreement Act (UPAA).
These requirements include:
- The agreement must be made in writing and signed by both parties
- The document must be signed “in contemplation of marriage”
- Both parties must sign the document voluntarily
- The agreement must be conscionable (or reasonably fair)
If one party is found to have failed to disclose the total value of his or her estate prior to signing the agreement, the agreement may be found “unconscionable” and may be unenforceable. A premarital agreement may also be unenforceable if one party is found to have signed the agreement unwillingly or while mentally incapable of knowingly entering into the agreement. This is relatively rare, however, and most premarital agreements in Texas are valid and enforceable in a court of law.
Contact Walters Gilbreath, PLLC for a Consultation
Premarital agreements can be incredibly beneficial for anyone who wants to ensure that their future and the future of their family is secure. Our firm can help you examine the unique factors involved in your particular situation. Whether you wish to draft a premarital agreement with your future spouse, have been asked to sign an agreement, or want to make changes to an existing prenup, our prenuptial agreement attorneys in Austin can help.
Reach out to our firm today and request your consultation. Call (844) 451-1220 or fill out and submit a contact form to get started.