Generally, the purpose of premarital or prenuptial agreements, otherwise also known as “prenups”, is to direct how assets will be divided in the event of a divorce. If assets are acquired by either spouse after the date of the marriage, they will be dealt with differently. Texas is a community property state, which means that assets acquired after the date of marriage may be classified as community property to be divided between spouses in the event of a divorce.
Premarital or prenuptial agreements are useful for couples who want to protect their assets and reach an agreement on financial matters if the marriage eventually ends in divorce. Other common reasons for seeking a prenuptial agreement include:
- Prevent your credit from being damaged by your spouse’s debts
- Saving time, costs, and expenses by simplifying divorce proceedings
- Protecting a business you own from being split up
- Keeping significant retirement assets accrued before and during the marriage intact
Without a well-crafted prenuptial or premarital agreement that is enforceable, courts will dictate how your marital property is divided in a divorce case.
Under Texas law, assuming the marriage is valid and lawful, reasons for challenging the enforcement of a premarital or prenuptial agreement include:
- The agreement was not signed voluntarily; or
- The agreement was unconscionable at the time you signed it and all the following are also true at the time of signing:
- You were not provided a fair and reasonable disclosure of your spouse’s assets;
- You did not waive in writing the right to further disclosure of same; and
- You did not have and could not have reasonably had adequate knowledge of your spouse’s assets.
We are Here to Help
If you have any questions about a prenuptial or premarital agreement, seek consultation with an experienced family law attorney. Call the Liu Law Firm today at (469) 949-9227.
Learn How the Liu Law Firm May Help You
Get In Touch With Us
Submission of this form confirms your acknowledgment and understanding that no attorney-client relationship with our firm has been created.