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Getting married is a big step to take. You are blending your life with your partner’s, and you want to ensure that you’re both protected. Fortunately, you and your partner can get the protection you need with a prenuptial agreement. The legal term is “premarital agreement,” and it allows you and your soon-to-be spouse to decide how you will distribute real and personal property if you get divorced or one of you passes away. While that doesn’t sound very romantic, it can strengthen your bond since you’ll settle financial matters before getting married.
There are various components involved in the agreement, and an experienced marital agreements attorney could make sure that it meets all the legal requirements. Thus, contact an Austin prenuptial agreements lawyer from our firm to begin the process.
Prenuptial agreements allow both parties to protect their assets and property while also ensuring no one takes on more than his or her fair share of the debt. A premarital agreement also allows you to provide for your kids from previous relationships while also protecting your family’s assets and business interests, if applicable.
As an Austin attorney could explain in detail, a prenuptial agreement will protect you against future financial disputes. Instead of having to battle it out in court, everything will already be decided, so you can take care of other matters related to losing a spouse or going through a divorce.
You cannot settle child custody or support in your premarital agreement. However, your Austin premarital agreement attorney can help you decide:
A prenup can designate certain property as a fiancé’s separate property, not subject to division or inheritance if the couple divorces or a spouse dies. Designating heirlooms, family properties, and businesses as separate properties can alleviate concerns that family members might harbor.
A prenup can also establish how the couple will divide marital property if the marriage does not endure. Couples have flexibility in how they agree to distribute their accumulated assets and debts, and their arrangement need not abide by Texas’ community property scheme. Having control over property distribution can save substantial time, money, and stress when a couple decides to divorce.
Prenuptial agreements must be written documents and signed by both parties before the wedding. Most contracts require an exchange of value called consideration, but for a prenuptial agreement, marriage serves as the consideration.
When a spouse challenges the validity of a prenup, the court will examine the surrounding circumstances. Both parties must have made an accurate financial disclosure before signing the prenup, unless one party waived the right to disclosure. No waiver and an inaccurate or incomplete disclosure could invalidate a prenup.
The fiancés must enter into the agreement voluntarily. If one spouse felt coercion or undue pressure to sign, a court might invalidate the agreement. When deciding whether someone signed a prenup voluntarily, courts consider the timing. For example, when a fiancé first sees prenup right before the wedding, the court might question whether they felt undue pressure to sign the agreement.
However, when both parties had adequate time and opportunity to present the agreement to an independent Austin attorney for review before signing, a court is likely to hold that the signature was voluntary.
The legal term for an agreement that is shockingly one-sided and unfair is unconscionability. Judges can invalidate prenups they find unconscionable.
You cannot create a premarital agreement if you’ve already tied the knot. However, you and your spouse can go to an attorney for a postnuptial agreement. It will allow you to settle financial matters in case of death or divorce. Premarital and postmarital agreements are very similar, so it’s not too late to protect yourself and your assets. As long as your spouse consents to the agreement, you can move forward with help from a legal professional in Austin.
Many couples find the idea of a prenup unromantic, but marriage creates a legal and financial relationship, not just an emotional attachment. It is important to get on the same page financially before marriage to prevent money disputes later.
An Austin prenuptial agreements lawyer could draft a prenup for a couple to consider or review a drafted agreement. In either case, it is essential to have the advice and guidance of a skilled legal professional before signing a prenup. Reach out today to schedule a consultation.