Dallas & Frisco Prenup Lawyer: Protect Your Assets & Property

SHOULD I GET A PRENUPTIAL OR PREMARITAL AGREEMENT?

To be on the safe side in the event of a future divorce, yes. Approximately 82,000 Texans get divorced every year. For those who have a valid and enforceable Prenuptial Agreement, the divorce process can be simplified, quicker and less costly. Although the Texas Family Code provides for prenuptial agreements, there are elements that must be included in order for the written document to be valid and enforceable.

What Is A Prenup Or Premarital Agreement?

A “premarital agreement” , also called a prenuptial agreement (prenup), is an agreement between prospective spouses made in contemplation of marriage and to be effective on marriage. A premarital agreement must be in writing and signed by both parties and becomes effective upon marriage. A premarital agreement may be amended or revoked only by a written agreement signed by the parties.

If you’re considering a prenup, or wondering how to get one, you should hire  lawyer experienced with constructing premarital agreements to protect your assets in the event of a divorce. Regardless of what type of marital agreement you are considering, Jeff Anderson is the prenup lawyer you want holding the pen, and if you’re in the North Texas areas of Frisco, Plan, or Dallas, Texas you’re right around the corner.

WHAT ARE THE BENEFITS OF GETTING A PRENUP?

Some people balk at the idea of having a “prenup”. They think it demeans their love and trust in their partner and is a sign they do not expect the marriage to last.

Those are valid thoughts and if you don’t want an agreement, then you should not have one. But there’s another way to think about these agreements – It’s like having earthquake or flood insurance. You do not expect to use the insurance and hope you never have to file a claim. The odds are against you ever really needing the coverage. But, if you do suffer earthquake or flood damage, you are certainly happy you had the coverage. So, even though you will hopefully not need to use your prenup, you might consider the benefits of one if you are in any one of the following categories.

You earn a high income and have a substantial net worth at the time you enter into the marriage. You own a business or you might want to start a business using your separate property. You already own property that you want to keep as your separate property without any question if you should divorce. You and your new spouse have both been married before and have children from your prior marriages.

When marriages end in divorce, even when both parties agree that they want to part ways, it is still an emotional time. The stress of making property division decisions is reduced if a prenup is in place, which already covers the distribution of assets and even debts.

How Do I Talk To My Future Spouse About Getting a Premarital Agreement?

The simple answer is to First, tell your future spouse that you would like to get a prenup because it’s important for both parties to discuss what they’d like to see in the agreement, in addition to making a list of the property and other issues that they’re going to include in the contract.

You should know that both parties will need to hire their own attorney. In short, one attorney cannot represent both spouses as they draft and sign a premarital agreement in Texas. The prenup can go through many different drafts before the parties agree to its terms, but once both parties do agree, they’ll sign the contract, thereby making it official.

What Issues Can a Prenuptial or Marital Agreement Address?

Texas Family Code § 4.003 describes a comprehensive list of matters which might be dealt with in a premarital agreement.

• The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
• The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
• The disposition of property on separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
• The modification or elimination of spousal support;
• The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
• The ownership rights in and disposition of the death benefit from a life insurance policy;
• The choice of law governing the construction of the agreement; and
• Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.

Circumstances in Which a Premarital Agreement Will Benefit You:

• You earn a high income and have a substantial net worth at the time you enter into the marriage.
• You own a business or you might want to start a business using your separate property.
• You already own property that you want to keep as your separate property without any question if you should divorce.
• You and your new spouse have both been married before and have children from your prior marriages.

When marriages end in divorce, even when both parties agree that they want to part ways, it is still an emotional time. The stress of making property division decisions is reduced if a prenup is in place, which already covers the distribution of assets and even debts.

How Can I Make Sure My Prenuptial Agreement Is Enforceable And Valid?

In Texas, a prenuptial agreement must be in writing and signed and dated by both parties. The prenup may cover all eventualities and possible circumstances or be limited to specific property. The prenup can include whether or not spousal support will be paid and, if it is, how the amount will be determined. The only limitation to items covered in a prenup is that it cannot include, with any degree of enforceability, most items involving children – custody, visitation and support.

Checklist to Ensure Your Prenup Remains Valid:

• In Texas, a prenuptial agreement must be in writing and signed and dated by both parties. The prenup may cover all eventualities and possible circumstances or be limited to specific property. The prenup can include whether or not spousal support will be paid and, if it is, how the amount will be determined. The only limitation to items covered in a prenup is that it cannot include, with any degree of enforceability, most items involving children – custody, visitation and support.
• Items to include in the pre-marital agreement in order for it to be valid:
• All assets of both parties must be fully disclosed. If assets are later discovered during the process of a divorce that were not included, the agreement may be subject to a more vali attack.
• The parties must both disclose their current income and any expected change in future income.
• The document must be voluntarily signed without any coercion. The further in advance of the marriage that the document is signed, the more likely a court will find it was voluntarily signed. An agreement signed 30 to 60 days in advance will have a greater likelihood of enforcement than one signed the day before vows are taken.

HOW CAN I CHALLENGE THE VALIDITY OF A PRENUPTIAL AGREEMENT?

Although courts generally enforce prenuptial agreements, a party can challenge its validity and have the contract proven invalid if that person can prove:

• That the agreement was not signed voluntarily; or
• The agreement was unconscionable when it was signed and before signing the agreement, the wronged person:
• Was not provided with a disclosure of the other person’s assets and debts;
• Did not expressly waive disclosure of those assets and debts; and
• Could not have reasonably known what the assets and debts were.

If a prenup is signed voluntarily and with full knowledge of all assets, the court will not likely later invalidate it just because it is unfair. If the person signing it made a bad decision, that is not an issue for the Court and, unless the court finds the agreement unconscionable, involuntarily signed or against public policy, the unhappy member of the couple will have to live with his or her unfortunate choice.