Marital Agreements Attorney – Serving Denton & Surrounding Areas
There are many reasons that you may be considering a pre-marital or post-nuptial agreement. Typically, the heart of the matter is the desire to protect your assets or the interests of your parents or children, things that may indeed be important for you to think about when getting married. Many people assume that such agreements are simply to protect yourself in the event of a divorce, but they go beyond this and provide other protections as well, including limiting both your current and future financial liability and that of your spouse’s.
These are agreements that you sign before the marriage takes place. They must be signed by both parties. They provide each spouse’s assets protection from a number of different liabilities in various situations as individually stipulated by each agreement.
One of the main protections this agreement can provide you is asset protection in the event of divorce proceedings. A pre-marital agreement can also protect you or your spouse from the liabilities that may arise from the involvement of ex-spouses, children from prior relationships, or other relatives in your lives or from prior or ongoing financial decisions.
For these protections to be provided, the court must find your agreement legally binding. While you and your future spouse may agree to execute a pre-marital agreement, the legality or enforceability of your agreement will depend, at least in part, on the method used to execute that agreement. In determining whether to enforce a pre-martial agreement, the Court will consider whether both parties had the guidance and instruction of an experienced attorney at the time that the agreement was executed. The Court will also consider whether each party was legally eligible to enter into the agreement at the time that it was executed and whether each party fully understood the agreement at that time. Having an experienced attorney advise each potential spouse on the details, language, meaning, consequences and enforceability of the proposed agreement is the best way to ensure your prenuptial agreement is binding.
The most common issue that comes up in preparing a premarital agreement is a lack of sufficient time to do so prior the date of the marriage. While clients often expect this to be a quick and simple process since it is agreed upon by both intended spouses, they often overlook the steps necessary to prepare, review and execute such a detailed document. It typically takes more than one month to complete the process. Please allow sufficient time to consult with an attorney on the benefits and drawbacks of a pre-marital agreement, prepare the client forms requested by your attorney, allow your attorney to draft the agreement, allow your intended spouse to consult with counsel of their choosing, make any revisions necessary and appear to execute the agreement prior to your wedding date.
Unlike a pre-marital agreement, post-nuptial agreements are made after the marriage has taken place. They are versatile, like prenups, and able to provide whatever specific type of liability protection you and your spouse need for your assets. However, post-nuptial agreements may allow some liability for each spouse since community property and debts begin accumulating at the time that the marriage becomes official. If no legal agreement was in place at that time, you and your spouse may have already established assets or debts with title in both your names, making it hard to separate the ownership or liability for those assets. For this reason, if you are interested in entering into a post-nuptial agreement, it is important to do so as quickly as possible after the marriage becomes official.
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If you are in Denton, Aubrey, Pilot Point, Sanger, Krum, Carrollton, Flower Mound, Lewisville, Plano, Frisco, Prosper, Celina, Anna, McKinney, Allen, The Colony, Gainesville, Dallas, or any of the other surrounding areas, and you are considering a marital agreement call today to schedule a free consultation with Brandi. There is no cost or obligation.