What Are the Benefits of a Postnuptial Agreement in Texas? 

 Posted on February 27, 2023 in Family Law

Most people are familiar with the term "prenuptial agreement," but fewer are familiar with postnuptial agreements. Like a prenuptial agreement, postnuptial agreements or "postnups" protect spouses' financial interests in the event of divorce or the death of a spouse. However, postnuptial agreements are signed after the couple is already married. Many people draft postnuptial agreements after receiving a large inheritance or another financial windfall. Other couples use postnuptial agreements to protect their property rights and clarify financial obligations after a marriage has gone through a tumultuous period.

What Can a Postnuptial Agreement Do for Me?

In Texas, postnuptial agreements can be used in many different ways. Some couples use postnups to ensure that their separate property remains separate and not subject to division in the event of divorce. Others might use postnups to create more equitable arrangements for spousal support or designate a spouse as the beneficiary of certain assets. Postnups can also be used to ensure that certain assets are excluded from the marital estate and will be passed on to children from a previous relationship after a spouse's death.

You may want to draft a postnuptial agreement if you or your spouse purchased or started a business, acquired high-value assets, or made any large financial decisions. Postnups can also be useful for couples who are considering divorce but need more time to decide if the marriage is salvageable. The postnuptial agreement defines and protects the spouses' financial rights while they weigh the possibility of reconciliation and explore their divorce options.

What Are the Legal Requirements For a Postnuptial Agreement?

In order for a postnuptial agreement to be valid in Texas, it must meet certain legal requirements. Both spouses must sign the agreement voluntarily and without coercion or duress. The agreement must be in writing and signed by both parties. Oral postnups are not enforceable under Texas law. Both spouses must have a reasonable understanding of their rights and financial obligations under the agreement.

Contact Our Collin County Postnuptial Agreement Lawyer

Postnuptial agreements clarify spouses’ financial rights and obligations, protect assets in the event of divorce, and aid in estate planning. Our Frisco family law attorney can help you draft a postnuptial agreement or prenuptial agreement that protects your rights and addresses your unique needs and financial goals. Attorney Philip Woods Moore, Jr. is experienced in a range of family law matters, including divorce, property division, asset protection through marital agreements, and more. Call 972-954-6455 for an initial consultation.

Source:

https://www.investopedia.com/articles/personal-finance/062915/5-signs-you-need-postnup.asp