Allen, Texas, Marital Agreements Lawyers
Marriage brings many legal benefits, including the automatic creation of community property. The primary purposes of a property agreement are to define the financial status of the parties as of the date the agreement is signed and guide the course of the parties' financial relationship throughout the marriage.
Premarital Agreements
A "premarital agreement" 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. Under certain specific circumstances, a premarital agreement may be unenforceable.
The attorneys at The Mack Law Office, PLLC can help you decide if a premarital agreement is right for you and negotiate the best possible agreement on your behalf. Premarital agreements are an excellent opportunity to utilize the collaborative law process [link to collaborative law page] so that both parties' needs are met and negotiations are constructive rather than destructive.
Post-Marital Agreements
At any time during marriage, spouses may partition or exchange between themselves all or part of their community property, then existing or to be acquired, as they desire. A partition and exchange agreement that occurs after marriage is also known as a "post-marital agreement." Like a premarital agreement, a post-marital agreement must be in writing and signed by both parties.
Community vs. Separate Property
Property possessed by either spouse during or on dissolution of marriage is presumed to be community property. A party may prove that certain property is separate property if the party can establish by clear and convincing evidence that the property was owned or claimed by the spouse before marriage, the property was acquired by the spouse during marriage by gift, devise, or descent, or the property was recovery for personal injuries sustained by the spouse during marriage, except for any recovery for loss of earning capacity during marriage.
Should a divorce suit be filed, the court is obligated to divide the marital estate between the spouses in an equitable fashion. Under Texas law, the marital estate consists of the community property accumulated during the marriage - not the separate property of either spouse. If a party can prove that an item is separate property, the item is effectively removed from the divorce process because the court can not award any part of it to the other party.
Marital Agreements in Estate Planning
When a spouse dies, the disposition of his or her estate will be controlled by the decedent's Last Will and Testament. The Will allocates all of the deceased's property to the persons he or she has designated. A Will may dispose of 100% of the deceased's separate property but only 50% of the deceased's interest in community property. Therefore, distinguishing separate property from community property is important to define the parameters of the marital estate which can be divided by the court.
Contact Us
If you have prenuptial agreement or postnuptial agreement questions, please call us for committed and effective legal services. We offer weekday and evening appointments and accept credit cards. Contact us at 469-519-1020.
