Individuals who own a business, own commercial or residential property, or earn rental income in the state of Texas may want to consider a prenuptial agreement to protect their assets in the event of a divorce.
Here are some questions to consider when making this important decision:
The Texas Family Code outlines the standards for a valid prenuptial agreement. Section 4.002 states that a prenuptial agreement must foremost be in writing and signed by both parties. Importantly, these agreements are enforceable without consideration. Therefore, no money or property needs to be exchanged between the two contracting parties in order for a valid prenuptial agreement to take place.
According to the Texas Family Code Section 4.003 (a), a prenuptial agreement can include any or all of the following provisions:
Texas Family Code Section 4.003 (b) states that a prenuptial agreement cannot include terms that “adversely concern child support.” This means that individuals cannot agree to change the amount of child support that they would be required to pay in the event of divorce. The Texas Family Code provides guidelines on how to determine the amount of child support that is to be paid by an obligor parent.
A prenuptial agreement is not enforceable if the challenging party demonstrates that:
Prenuptial agreements rarely apply to common law marriages in Texas. Texas Family Code Section 4.004 states that a prenuptial agreement becomes effective on marriage (occurring when two individuals obtain a marriage license).
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