Signing a prenuptial agreement is often touted as a good move for engaged couples. Through a prenup, a couple can gain the security of knowing their assets will be fairly distributed in the event of a divorce.
In Texas, any property that was owned prior to marriage is considered as “separate property.” Therefore, signing a prenuptial agreement may not be necessary. However, a prenup can still provide some benefits.
How is Property Divided During a Divorce in Texas?
Any assets owned by either spouse before they were married will be labeled as separate property if they are divorced. Anything that was acquired during the marriage is considered as community property.
In a typical Texas divorce case, a couple's separate property will be distributed to the original owner. The ownership of community property, however, may be a point of contention. A couple will need to determine how community property is distributed during divorce proceedings. The process of doing this will vary case by case — if a couple disagrees on the distribution of community property, a case may be more complex and require in-court proceedings.
Benefits of Signing a Prenuptial Agreement
Although Texas law's identification of pre-marriage assets as separate property allows property to be left to the rightful owner during a divorce, prenuptial agreements can still be helpful. In a contract, you can explicitly state how your property is distributed and eliminate any potential confusion.
A prenup is a good way to ensure that property division meets your wishes in the event of a divorce, but can also define property division following death. Through a prenuptial agreement, you can establish how assets will be distributed when you or your spouse pass away.
A prenuptial agreement can also include terms that regulate the division of property acquired during the marriage. For example, you may anticipate earning an inheritance from a family member and want to explicitly define ownership of those assets. Without a prenup, the inheritance would be considered community property in the event of divorce or death. The division of property acquired during a marriage can also be defined in a postnuptial agreement.
The state laws of Texas allow divorced people to keep the assets they acquired before marriage, and provide some security to residents in this regard. However, signing a prenuptial agreement may work for your situation. To learn more, contact Labovitz Law Firm.
Labovitz Law Firm represents people throughout divorce proceedings and can assist you with your family law case. Contact us to speak with our experienced legal team.Our attorneys are available to discuss your case. To request a free consultation, call (817) 374-4056 or complete our contact form .