Is it time to consider a prenuptial agreement?
If you’re getting engaged, a prenuptial agreement may not be foremost on your mind. However, December is the favorite month for engagements to occur. Not to mention, people are in a festive mood. For many people, an engagement ring with the promise of a fulfilling future is the best gift one could give a loved one.
Statistics show that over two million couples get married in the U.S. every year. In fact, 20 percent of them get engaged in December.
Before you decide to ignore the legal aspects of marriage and focus on romance, there are some vital facts you might consider. In Texas, other names for a prenuptial agreement include a prenup, premarital agreement and a marital property agreement.
What is the purpose of a prenuptial agreement?
A prenup defines and sets parameters regarding the financial and property rights of each spouse prior to marriage. In advance, it establishes guidelines in the event that separation, divorce, or a spouse’s death occurs.
What legal standing does a premarital agreement have?
The Texas Family Code, Chapter 4 establishes the legality and terms a premarital agreement. The agreement goes into effect upon a couple’s marriage. Based on Texas law, courts will uphold a sound premarital agreement.
What types of property issues does a prenup address?
A prenup creates a contract between spouses, establishing their rights to property that either spouse has acquired, whenever and wherever it is located. It also establishes rights regarding the property in relation to:
- Buying
- Selling
- Using
- Transferring
- Exchanging
- Abandoning
- Leasing
- Consuming
- Expending
- Assigning
- Creating a security interest in
- Mortgaging
- Encumbering
- Disposing of
- Otherwise managing and controlling the property
What other issues can a prenup address?
It can also address the modification or elimination of spousal support. If a spouse dies, it can define the beneficiaries of the property and the determination of who receives life insurance policy benefits. You can also use it to address the making of a will, trust or other arrangement.
If you need services or legal advice regarding a premarital agreement, we can help.
The Law Office of Lindsey J. Wilson provides legal representation for clients in cases involving family law, custody and support, divorce, property division and modifications and enforcement.