I. PURPOSE OF PREMARITAL AGREEMENT
A Premarital Agreement allows marrying couples to create their own, tailored outcome for the division of their assets and debts in the event of a divorce. These agreements are given great weight in Texas courts and can greatly simplify the division of assets and debts that takes place in a Texas divorce.
II. PROCESS OF FINALIZING A PREMARITAL AGREEMENT
Finalizing a Premarital Agreement is a three-step process, which is outlined below.
1. Exchange Disclosures of Assets and Debts
Both parties will disclose to each other their assets and debts so that both parties can make an informed decision before executing the Premarital Agreement.
2. Execute the Premarital Agreement Prior to Marriage
After disclosing assets and debts, the parties must execute the premarital agreement. Our Firm has drafted several Premarital Agreements to protect a wide array of assets, and we have the expertise to make sure that your agreement meets your goals. Once the agreement is drafted, your future spouse should retain his or her own attorney to review the agreement and ensure that they understand and agree to its terms.
After both parties have reviewed the agreement with their attorneys, we arrange for the parties to execute the agreement in our office. It is best to arrange the signature as far ahead of the marriage date as possible so you are not rushed to get the agreement executed prior to marriage.
3. Ratify the Premarital Agreement After the Marriage Date
The best way to ensure that a Premarital Agreement is binding and enforceable on the parties is to have both parties ratify the agreement after the marriage date. We can arrange to complete this important step in our office. Once the agreement has been ratified then the process is complete.
There are several benefits to a Premarital Agreement. These agreements can:
Identify specific assets and debts that will be awarded to each party in the event of divorce
Award property to one party that would normally be divided between the parties, such as houses, 401(k) accounts, etc.
Provide potential protections from paying attorney’s fees or spousal support if a divorce matter is filed
Please contact our firm today at 817-424-3405 to discuss how we can help you create the Premarital Agreement that will meet your goals.