Careful Preparation Of Premarital And Postmarital Agreements
Marital agreements are very common today. A marital agreement may protect a spouse who is entering the marriage with far fewer assets than the other spouse, can protect a spouse willing to sacrifice his or her career, and even protect a spouse’s business ventures. There are two types of marital agreements:
- Premarital (prenuptial) agreements
- Postmarital (marital) agreements
Call M. J. Hill & Associates, PLLC, at +1-512-212-4916 to schedule a consultation.
The Purpose Of Premarital Agreements
Prior to walking down the aisle, a couple may enter into an agreement regarding the classification of their property during their marriage, the division of the property in the event of a divorce or the division of property in the event of death. The agreement must be in writing, signed by both parties and is effective upon marriage. Common provisions are:
- Waiver of homestead rights
- Income from separate property is separate
- Waiver of spousal support
- Division of property in the event of divorce
Despite the wide scope of things spouses may put in a premarital agreement, there are two things spouses absolutely cannot put in a premarital agreement. First, spouses absolutely cannot agree to limit child support obligations. Second, they cannot agree to convert separate property to community property in a premarital agreement.
Why You May Want A Postmarital Agreement
A married couple may also enter into an agreement regarding their property even well after the ceremony. A postmarital agreement can contain anything contained in a premarital agreement, but may also convert separate property to community property.
Due to the couple being married, new limitations arise in what can be agreed to in a postmarital agreement. For instance, a postmarital agreement cannot include a provision that a party filing for divorce waives his or her interest in the community property. These agreements are terminated upon divorce.
M. J. Hill & Associates, PLLC, in San Marcos, Texas, is experienced in drafting and amending premarital and postmarital agreements. Hiring an experienced attorney is the safest way to protect your assets and interests if you are contemplating a premarital or postmarital agreement.